KARACHI, Sept 2: The rupee lost another four paisa on Thursday to close at 58.82 a US dollar down from 58.78 on Wednesday on importers-driven demand. Bankers said the local unit licked an intra-day low of 58.84 a dollar before closing at 58.82
This was the fourth straight loss the rupee made against the US dollar due to rising demand for greenbacks from importers as well as from government for routine external debt payments. Bankers say that higher oil import bills are also weakening the rupee.
The local currency has lost 15 paisa to a dollar so far this week. It has lost 70 paisa or more than 1.2 per cent value so far during this fiscal year. The State Bank has been selling dollars to support the rupee. But it could not be learnt whether it sold dollars on Thursday.
Senior bankers say the rupee may come under increased pressure next week when Pak-Arab Refinery Co or Parco will be paying $100 million to a consortium of banks in third instalment of a $350 million rupee-dollar swap. But sources close to the central bank say the SBP was ready to sell as much foreign exchange as needed next week to ensure that the Parco buying does not weaken the rupee further.
