US dollar loses against rupee

• The rupee extended losses against the dollar for the second straight session, dealers said.
  
• The decline in the foreign direct investment flows also hurt the traders’ sentiment.
  
• Pakistan’s foreign direct investment fell 30% to $953 million in the six months of this fiscal year.

KARACHI: The buying rate of the US dollar was Rs160.3, while its selling rate was Rs161 on Wednesday, January 20.

Earlier on Tuesday, the rupee extended losses against the dollar for the second straight session, dealers said.

The rupee closed at 160.61 against the dollar, compared with Monday’s closing of 160.52 in the interbank market.

“There were some import payments today, which pushed the demand for the dollar higher,” a currency dealer said.

Dollar inflows from remittances, exports, and Roshan Digital Accounts from overseas Pakistanis and the current account surplus helped the rupee remain steady in the recent days, but a sudden dollar demand from importers and companies put slight pressure.

Read more: US dollar sold at Rs160.9 on Jan 19

The decline in the foreign direct investment flows also hurt the traders’ sentiment.

Pakistan’s foreign direct investment fell 30% to $953 million in the six months of this fiscal year.

Dealers said they expected the rupee to weaken marginally in the coming sessions, owing to the ongoing bout of demand pressure.

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.