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At the Interbank Foreign Exchange, the local currency opened at a low of 70.03 a dollar, down from its previous close of 69.81, and weakened further to trade at a 70.08, down by 27 paise.
Forex dealers said increased demand for the US currency from importers and its gains against other currencies overseas on expectations of rising US interest rates, put pressure on the rupee.
With the US economy continuing to grow and the job market strengthening further, many Fed members said they likely will need to raise the benchmark interest rate again “soon,” according to the minutes of the Fed policy meeting early this month. Forex market was shut on Wednesday on account of Bakri Id.
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