KARACHI: The rupee further depreciated against the dollar on Monday, owing to heavy import payments demand, dealers said.
The rupee lost 15 paisas to close at 86.24 to a dollar from Saturday’s close of 86.09 in the interbank forex market.
“The high demand for import payments jack up the dollar value,” a dealer said. “On the supply side, the inflows usually remain thin on the first day of the week,” the dealer added.
The rupee lost 41 paisas against the dollar since July 13 when it was seen at the level of 85.83 to a dollar.
The local currency fell to an all-time low against the greenback in May to 86.35, owing to mounting oil payments.
The interbank forex market started the day in the range of Rs86.14 and Rs86.17.
Most of the trades were seen at different levels as the dollar witnessed a high of Rs86.33 and a low of Rs86.24.
Currency experts said that the local currency would remain under pressure, owing to payments against the Ramazan-related imports.
They, however, said that the remittances inflows can prevent further losses in the rupee value.
