Rupee weakens against US dollar on January 8

• The buying rate of the US dollar was Rs159.7, while its selling rate was Rs160.5
  
• The rupee appreciated 0.17% to close at 160.02 versus the greenback a day prior.
  
• Traders expect the rupee to continue to be supported in the coming week.

KARACHI: The buying rate of the US dollar was Rs159.7, while its selling rate was Rs160.5 on Friday, January 8 at the closing of Pakistan's currency market.

On Thursday, the rupee managed to extend further gains against the dollar in both the currency markets, dealers said.

The rupee appreciated 0.17% to close at 160.02 versus the greenback, compared with the previous close of 160.29.

In the open market, the rupee rose 15 paisas to end at 160.25 against the dollar.

Dealers said the currency continued to appreciate aided by insignificant dollar demand from importers settling payments and ample supplies in the market.

“Dollar supply was higher than [the] demand today and with [the] slowing appetite for the greenback, the rupee should see more slight gains in the coming session,” a foreign exchange dealer said.

Read more: Closing rates of US dollar against rupee on January 7

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.