Rupee weakens against dollar


KARACHI: The rupee weakened against dollar on Wednesday owing to latest statement of finance minister regarding exchange rate flexibility.




The rupee ended down by 81 paisas to end at Rs138.60 against dollar from previous day’s close of Rs137.79 in interbank foreign exchange market.

The interbank foreign exchange initiated in the range of Rs138.20 and Rs138.40.

The market recorded day high of Rs138.70 and low of Rs138.35 and closed at Rs138.60.

The higher demand for greenback also depreciated the local unit in the open market.

Malik Bostan, President, Forex Association of Pakistan (FAP) said buying and selling of dollar recorded at Rs138.00/Rs138.50 as against previous day’s closing of Rs137.50/Rs138.00 in cash free market.

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