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business
Tuesday Feb 23 2021
By
Web Desk

US dollar traded at Rs159.5 on Feb 23

By
Web Desk
The buying rate of the US dollar was Rs158.9, while its selling rate was Rs159.6 on Tuesday. STOCK IMAGE
  • The buying rate of the US dollar was Rs158.8, while its selling rate was Rs159.5
  • The sentiment was cautious ahead of the meeting of the Financial Action Task Force
  • “We expect the rupee to stay stable with a slight weakness in the coming sessions,” says a currency dealer


KARACHI: The buying rate of the US dollar was Rs158.8, while its selling rate was Rs159.5 on Tuesday, February 23 in the open market.

The sentiment was cautious ahead of the meeting of the Financial Action Task Force (FATF) according to a The News report which is being held in Paris (Feb 22-25) to review Pakistan’s progress and decide about its fate regarding the grey list.

“We expect the rupee to stay stable with a slight weakness in the coming sessions,” a currency dealer said.

Read more: US dollar rate against Pakistani rupee on Feb 22

“The month-end dollar demand from importers could put some pressure on the domestic currency.” 

The publication reported that traders anticipate the rupee to hold a stable trend, trading at 159/dollar-mark in the near-term, as remittances are increasing and exports have picked up.

However, most traders are concerned by a continual decline in the country’s foreign exchange reserves.

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 Exchange Companies Association Pakistan.

CurrencyBuyingSelling
US Dollar158.8
159.5
Saudi Riyal42.142.6
Euro192
194
Japanese Yen1.551.58
UAE Dirham43.143.6
UK Pound Sterling220.5223.5