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Saturday Jan 16 2021
By
Web Desk

US dollar being sold at Rs160.7 on Jan 16

By
Web Desk
  • The buying rate of the US dollar was Rs160, while its selling rate was Rs160.7
  • On Friday, the rupee ended marginally lower due to increase in demand of dollar
  • Dealers expect greenback to remain between Rs160.25 to Rs160.75 in upcoming week


KARACHI: The buying rate of the US dollar was Rs160, while its selling rate was Rs160.7 on Saturday, January 16.

On Friday, the rupee ended lower, as increased dollar demand from importers for payments weighed on the local unit, dealers said.

In the open market, the rupee ended at 160.40 against the dollar. The rupee had settled at 160.30 in the previous session.

“There was a sudden demand from importers and the corporate sector that put pressure on the rupee,” a foreign exchange trader with a commercial bank said.

“Though, the rupee didn’t breach the 160-160.50 range forecasted for this week, we were expecting it would close stronger at the weekend,” another trader said.

“We can expect the rupee to trade in the current ranges next week, but the demand for the rupee could catch up further if there are any payments in the market,” he added. The rupee is likely to hover in the band of 160.25 to 160.75 in the coming week, they said.

Meanwhile, the following are the rates of the US Dollar, Saudi Riyal, UK Pound, the UAE's Dirham, and other foreign currencies in the open market today.

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

CurrencyBuyingSelling
Australian Dollar123125
Canadian Dollar124126.5
China Yuan24.8525
Euro194196.5
Japanese Yen1.551.58
Saudi Riyal42.543
UAE Dirham43.744.3
UK Pound Sterling216.5219.5
US Dollar160160.7