Currency update on January 18

• The buying rate of the US dollar was Rs160.1, while its selling rate was Rs160.8 on Monday.
  
• Pakistani rupee will likely remain stable or marginally weaken against the US dollar this week.
  
• A foreign exchange trader said the local unit is expected to follow a range-bound trading pattern this week.
  

KARACHI: The buying rate of the US dollar was Rs160, while its selling rate was Rs160.7 on Monday, January 18 at the opening of Pakistan's currency market.

Pakistani rupee will likely remain stable or marginally weaken against the US dollar this week as demand for the hard currency from importers increases.

A foreign exchange trader said the local unit is expected to follow a range-bound trading pattern for this week. "However, any uptick in the US dollar demand for import payment, especially oil, could hamper the rupee's stability."

Another trader said the local unit may trade on the backfoot to the dollar in the coming sessions if an expected demand for the dollars emerges in the market and supplies diminish. “The next range should be between Rs160.25 and Rs160.75,” he added.

Meanwhile, the following are the rates of the US Dollar, Saudi Riyal, UK Pound, the UAE's Dirham, and other foreign currencies in the open market today.

Read more: Economic outlook: Rupee to remain stable against US dollar in week starting Jan 18

The information has been obtained from the Forex Association of Pakistan.