KARACHI: The rupee depreciated sharply against the dollar in the interbank currency market on Thursday.
The rupee closed at 159.27 against the dollar, compared to the previous close of 159.28.
In the open market, the rupee ended at 160.07. It was set at 159.80 in the previous session.
Dealers said the country’s currency remained flat after gaining 1.11% in two consecutive sessions as import payments declined. He added that the revenue is enough to meet the market demand.
“The dollar has moved and is enough to help keep the rupee around 159 in the coming sessions,” said a foreign exchange dealer.
“The additional money in the existing account, healthy remittances and exports and additional revenue from multilateral sources and enlightened digital accounts (RDA) is helping the local unit.”
Immigrants deposit about $ 2 million a day in the RDA, with about 1,200 accounts opened on weekends. According to the State Bank of Pakistan, اقدام 100 million has been received since the initiative began.