KARACHI: The rupee ended weaker on Tuesday due to an uptick in dollar demand from importers, while dollar conversions from exporters remained slowed, dealers said.
The rupee closed at 279.28 to the dollar in the interbank market, compared with Monday’s closing value of 279.20. “The rupee declined today as a result of importers buying dollars [to make their payments] and slowing exporter and remittance inflows,” a currency dealer said.
However, the rupee strengthened versus the dollar in the open market. It was trading at 282.4 per dollar for selling, up from 282.28 in the previous session. In the upcoming sessions, dealers expect that the rupee will remain steady due to equal supply and demand for US dollars.
The important post of finance minister remains unclear even though political unpredictability has eased with the formation of the new government. There are a few names being mentioned, one of which is the present minister's potential retention. This position has great importance in light of the upcoming discussions with the International Monetary Fund. The market keeps a careful eye on the cabinet nominations, assessing important members based on their capacity to meet IMF requirements.
China's President Xi Jinping applauds during the opening ceremony of the Forum on China-Africa Cooperation in...
This photograph shows the logo of US multinational technology conglomerate Meta, taken on May 22, 2022. —...
This is a representational image of a person holding gold chains. — AFP/FileKARACHI: Gold prices decreased by...
An employee working at a textile factory in Pakistan's port city of Karachi, on April 7, 2011. — AFPLAHORE: There is...
People shop at a crowded market ahead of Diwali, the Hindu festival of lights, in the old quarters of Delhi, India on...
Roblox Corp Chief Executive Officer and Co-Founder Dave Baszucki seen in this image. — X/@DavidBaszucki/FileRoblox...