KARACHI: The rupee declined against the dollar on Friday amid short supply of the greenback, dealers said.
The rupee weakened by nine paisas to close at 86.93 to a dollar from the previous day’s close of 86.84 in the interbank forex market.
“Thin supply of dollar increased the demand for the foreign currency,” said a dealer.
Another dealer said that during the previous days, a bulk supply of dollars was received from the money market. “The fresh injection of the central bank provides liquidity in the money market,” the dealer said, adding that the financial institutions having sufficient liquidity stopped selling dollars to the interbank forex market.
The interbank forex market started the day in the range of Rs86.85 and Rs86.87. Most of the trades were seen at different levels as the dollar witnessed a high of Rs86.93 and a low of Rs86.85.
Currency experts said that the local currency would be under pressure after Eid due to higher demand for import payments and slower pace of remittances sent home by the overseas Pakistanis.
