Rupee continues to fall, reaches 159.13 against dollar
Foreign selling of T-bills, divestment at PSX drag down currencyKARACHI: The rupee depreciated by an additional 0.45% or Rs0.71 against the US dollar on Thursday and closed at 159.13 in the inter-bank market. The latest drop brings the four-day fall in rupee to 3.17% as it had been at 154.24 on Friday. In the open market, Bostan revealed, there was virtually no demand and all the currency exchange was taking place in the inter-bank market. Despite no demand, the rupee shed 0.5 from its value against the dollar in the open market and closed at 159. Topline Securities’ Research Director Syed Atif Zafar confirmed that the major reason for the rupee fall was massive foreign divestment in T-bills.
Source: The Express Tribune March 13, 2020 03:11 UTC
