US dollar being sold at Rs159.8 in Pakistan on February 17

• The buying rate of the US dollar is Rs159, while its selling rate is Rs159.8
  
• Dealers expect the local currency to trade at the Rs159 level in the sessions ahead.
• There were some import payments, which pushed the rupee lower. However, supplies were not enough to meet the demand, the dealers opined.
  

KARACHI: The buying rate of the US dollar is Rs159, while its selling rate is Rs159.8 on Wednesday, February 17.

On Tuesday, the rupee extended losses for the second consecutive session because of the prevailing high demand from importers, dealers said.

“Increased dollar demand from importers caused the rupee to fall from its value against the dollar in the last two sessions,” a currency dealer said.

Read more: Currency update: Rupee may strengthen further in coming week

“There were some import payments, which pushed the rupee lower. However, supplies were not enough to meet the demand.”

Dealers expect the local currency to trade at the Rs159 level in the sessions ahead, as it looks for strong support at least for this month.

The local unit had been trading at Rs159 until last week, and it unexpectedly breached this support, closing at Rs158.82 on Friday due to increased inflows and a decreased importer demand.

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.