Currency update on Jan 19: US dollar strengthens against rupee

• The buying rate of the US dollar was Rs160.3, while its selling rate was Rs160.9
  
• Earlier on Monday, the rupee ended 0.12% weaker as importers and companies bought dollars to settle their payments
• Dealers said increased demand for the greenback from the importers and the corporate sector put pressure on the domestic currency

KARACHI: The buying rate of the US dollar was Rs160.3, while its selling rate was Rs160.9 on Tuesday, January 19.

Earlier on Monday, the rupee ended 0.12% weaker as importers and companies bought dollars to settle their payments, dealers said.

In the interbank market, the rupee closed at 160.52 against the dollar, compared with the previous closing of 160.33. In the open market, the rupee lost 20 paisas to finish at 160.60 against the greenback.

Dealers said increased demand for the greenback from the importers and the corporate sector put pressure on the domestic currency. 

“There were payments in the market today, which usually happens on Monday. The US markets were closed, so payments were done on the TOM (one-day) forward market rate,” a currency dealer said.

Read more: Currency update: US dollar rates against rupee on January 17

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.

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