The rupee may extend its losses next week as importers step up their purchases of dollars to pay for goods and services, while the government resists taking measures to curb the currency’s slide, in line with the International Monetary Fund’s bailout condition to let the exchange rate reflect market forces, The News reported Sunday.
During the outgoing week in the interbank market, the local unit fell 2.63 percent, or Rs8, against the dollar. The rupee was trading at 279.26 to the dollar on Monday, but it dropped further and finished the day at 286.81 on Friday.
Read More : Rupee Expected to Decline Further on Growing Importer Demand Next Week