KARACHI, Aug 16: The rupee lost five paisa to a US dollar on Monday on increased demand for dollar from importers. Bankers said the rupee closed at 58.84 per dollar in inter- bank market down from the weekend close of 58.79.

They said that the local unit weakened on dollar buying by corporates including a power producing company as well as commercial importers. Oil payments also kept the rupee under pressure for some time. Some bankers said the rupee touched an intra-day low of 58.87 before closing at 58.84.

It could not be learnt immediately whether or not the State Bank sold dollars into the market. Sources close to the SBP said the rupee value would stabilize in next few days adding that the central bank would keep it somewhere between 58.60-58.70 a dollar. The rupee has shed 72 paisa or more than 1.2 per cent value to a US dollar since the start of this fiscal year on July 1.