Currency update
KARACHI
In view of the high dollar demand for import payments ahead of fiscal year-end, traders say that the local currency is expected to remain on the back foot in the next week.
The local currency was volatile, having swung between 200.06 to a new record low of 202.83 per dollar during the outgoing week. It closed at 202.35 to the dollar on Friday.
The rupee dived as a relentless surge in global crude oil prices raised concerns about a sustained rise in imported inflation and widening current account deficit, while fast-depleting foreign exchange reserves were also hurt.
