Rupee weakens in open market

The rupee continued to weaken against the dollar in the open market on Friday due to demand pressure, dealers said. The rupee closed at 119.40/dollar as compared to 119.30 in the previous session, according to Exchange Companies Association of Pakistan.

“The currency was under pressure on lower dollar inflows. However, the demand for the foreign currency remained high,” said Malik Bostan, President Forex Association of Pakistan.

“A slowdown in foreign inflows in the month of Ramazan, speculations of further currency devaluation and huge foreign currency demand from the people going to Umrah put pressure on the currency.” “The open market will see correction in the last two weeks of Ramazan on the back of increase in workers’ remittances.” In the interbank market, the rupee closed steady at 115.61 against the dollar.