KARACHI, July 15: The rupee closed more than one per cent weaker on Tuesday as demand for dollars rose due to import payments and worries about portfolio outflows from the stock market, dealers said.

The rupee was quoted at 70.30/50 to the dollar by the close, compared with Monday’s close at 69.90/95.

“There were some import payments, also there is worry about portfolio outflows from the stock market,” said a currency dealer.

The SBP last week took measures to stabilise the rupee after it set its weakest ever closing level at 72.85/90 on July 8.

The rupee’s latest declines took place despite some positive developments that should help shore up the dwindling foreign exchange reserves.—Reuters