US dollar sold at Rs157.8 on March 3

• The buying rate of the US dollar was Rs157, while its selling rate was Rs157.8.
  
• Dealers opine that the local unit continued to march upwards due to soft importers’ dollar demand and inflows from remittances.
• There is a view in the market that the rupee could go from 157.20 to 157.50 against the dollar this week, say one of the dealers.
  

KARACHI: The buying rate of the US dollar was Rs157, while its selling rate was Rs157.8 on Wednesday, March 3 at the closing of the currency market.

Dealers said the local unit continued to march upwards due to soft importers’ dollar demand and inflows from remittances, Roshan Digital Account, and export proceeds.

“The dollar supplies outmatched the demand. Inflows were good and the supply was simply more than the demand,” a foreign exchange dealer said. “There is a view in the market that the rupee could go to 157.20 to 157.50 against the dollar this week, as inflows are healthy, which will easily meet the payments,” he added.

Read more: US dollar traded at Rs158.6 on March 2

The information has been obtained from the Exchange Companies Association of Pakistan.