Currency update on Dec 31: Rupee extends gains against US dollar

KARACHI: The buying rate of the US dollar was Rs159.9 while its selling rate was Rs160.5 on Thursday, December 31 at the closing of Pakistan's currency market.

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.

Read more: USD to PKR and other currency rates in Pakistan on December 30

On Wednesday, the rupee managed to gain slightly against the dollar due to reduced dollar demand from importers, dealers said.

The rupee closed at 160.28/dollar, compared with Tuesday’s closing of 160.39 in the interbank market. It rose 11 paisas, or 0.07 percent, during the day.

“The demand for the dollar from importers remained low heading into the new year,” a foreign exchange dealer said. “We expect the rupee to remain stable, concluding the year’s last trading session at 160 per dollar.”

The rupee has been stable versus the greenback due to persistent current account surplus, debt restructuring by the Paris Club, higher remittances, inflow in Roshan Digital Account, and financial inflows from bilateral and multilateral sources, and rebound in exports.

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