KARACHI: The rupee tumbled to a five-month low against the US dollar on Thursday due to the pressure of import payments.
According to a report, the Forex sellers are anticipating that the local currency should lose more ground in the coming days.
In the interbank market, the rupee shut down at 159.33 per dollar, its at its lowest since February 9, 2021.
It fell by 41 paisas or 0.26% in the session. The rupee finished at 158.92 on Wednesday.
The rupee lost 70 paisas to end at 160.20 versus the greenback in the open market. It finished at 159.50 in the past meeting.
“The rupee was trading as low as 159.50 to the dollar in the interbank market,” said a currency dealer.
“The local unit was under pressure due to increased appetite for the dollars for imports, especially oil, following a persistent rise in international oil prices,” he added.
“As well as, subdued inflows from export proceeds and remittances weighed on the domestic currency,” the publication stated quoting the dealer.
Global oil prices sustained losses with Brent crude futures falling 0.6% to $73/barrel on Thursday.
Dealers anticipate the rupee to touch 160 per dollar soon maybe in the session ahead.
The rupee is expected to start seeing some corrections from the second week of this month.
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