Rupee declines

The rupee ended weaker against the dollar in the interbank market on Monday, amid import payments, dealers said.

The rupee closed at 124.22/dollar, compared with the previous closing of 124.04. “There were some import payments, but the currency is expected to post gains in the coming sessions,” a currency dealer said.

“We see the rupee to trade in the range of 124.10/15.” Dealers said the nomination of Imran Khan as a prime minister by his party added to the positive sentiment among investors.

The rupee lost 50 paisas to settle at 123.50 against the dollar in the open market. It was traded at 123 in the previous session.