US dollar rate on January 1

• The buying rate of the US dollar was Rs159.6 while its selling rate was Rs160.4
  
• Dealers said the rupee wrapped 2020 on a positive note due to the lack of import payment pressure
  
• On Thursday, the rupee strengthened for the second straight session
  

KARACHI: The buying rate of the US dollar was Rs159.6 while its selling rate was Rs160.4 on Thursday, Januar 1 at the closing of Pakistan's currency market.

On Thursday, the rupee strengthened for the second straight session, helped by tepid demand for the dollar from importers and greenback selling by exporters.

The rupee closed at 159.83/dollar, compared with Wednesday’s closing of 160.28 in the interbank currency market. The local unit appreciated 0.28 percent, or 45 paisas during the session.

Read more: USD to PKR and other currency rates in Pakistan on December 25

Dealers said the rupee wrapped 2020 on a positive note due to the lack of import payment pressure and smooth supply of the greenback in the market.

“There were fewer import payments,” a foreign exchange dealer said. “Exporters sold dollars, which pushed the rupee up on the last trading day of the year.”

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.