US dollar rate against Pakistani rupee on Feb 24

KARACHI: The buying rate of the US dollar was Rs158.6, while its selling rate was Rs159.3 on Wednesday, February 24 in the open market.

During last day's trading, the rupee ended stronger against the dollar with the fiat gaining 30 paisas to end at 159.10 against the greenback.

Dealers told The Newsthat the local currency gained ground due to insignificant dollar demand from importers for payments and positive economic sentiment among traders.

The improvement in the current account balance and higher growth levels in the workers’ remittances acknowledged by a global rating agency lifted traders’ sentiment.

“The decline in the current account deficit and rising remittances could bode well for the rupee and the foreign exchange reserves,” a currency dealer said.

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

The information has been obtained from Forex Association of Pakistan.