The rupee continued to fall and hit yet another low of 103.65 to the dollar in the interbank foreign exchange market on Thursday, dealers said.
Similarly, the rupee touched the fresh low of 104 in the kerb market.
Dealers said that the local currency witnessed selling pressure as the central bank has put restrictions on commercial banks to purchase dollars. “There is a physical shortage of the dollars in the market,” a dealer said.
“The rupee-dollar parity may cross the barrier of 103 and touch 104 mark in the interbank market in the coming trading session, as the local unit is loosing at least 30 paisas in its value on a daily basis for the last two months,” the dealer added.
In the open market, the rupee closed weaker at 103.65 against the dollar from the previous closing of 103.60.
The rupee moved upwards in the open market, as well to trade at 103.75 for buying and 104 for selling.
Despite some increase in the foreign exchange reserves of the State Bank of Pakistan and showing surplus in the current account, investors expressed concerns over the weak macroeconomic fundamentals.
