KARACHI: The rupee weakened against the dollar in the interbank currency market on Monday.
It closed at .3 160.39 against the previous close of. 160.19. In the open market, the rupee ended at 160.40 against the greenback. It was set at 160.30 on Friday. “The rupee has depreciated against the dollar due to increased demand for greenbacks of import payments. Demand usually increases when the market opens on the weekends,” said a foreign exchange dealer. “The trade range this week is expected to be 160 160 to. 160.50 per dollar,” he said. Most dealers expect the local unit to be bound in the coming sessions. Positive sentiment in the market will support the national currency. The State Bank of Pakistan (SBP) has further fueled these sentiments. The next two to three years will be good news for Pakistan’s economy with the digitization and resumption of the International Monetary Fund (IMF), SBP Governor Raza Baqir told Reuters in a video interview. He forecast a growth rate of 1.5-2.5% in the current financial year.