Rupee weakens on January 4

KARACHI: The buying rate of the US dollar was Rs159.8 while its selling rate was Rs160.6 on Monday, January 4  at the opening of Pakistan's currency market.

Read more: USD to PKR and other currency rates in Pakistan on January 2

The rupee is expected to strengthen marginally or remain stable against the dollar during the current week, The News reported, quoting traders on Sunday.

According to the traders, the rupee will be supported by the sluggish demand for the greenback from importers and positive sentiments due to strong growth in exports.

“The local unit could hover around the same level during the first week of 2021, or appreciate slightly, owing to the lower import payments. The exports and remittances are good, so the sentiment is for a strong rupee,” a foreign exchange trader 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.