US dollar rates against Pakistani rupee on March 4

KARACHI: The buying rate of the US dollar was Rs157.1, while its selling rate was Rs157.9 on Thursday, March 4 at the closing of the currency market.

“Appetite for hard currency for payment from importers was muted,” said a foreign exchange dealer at a commercial bank on Wednesday.

“The supply of dollars remained higher than the demand, which pushed the rupee higher against the greenback.” In the interbank market, the current is the strongest level since March 9 last. The rupee was up 0.5% from the previous close of 157.85.

The local currency increased 6.7% or Rs11.3 against the dollar since August 26 last when it hit a record low of 168.43. The rupee has increased 0.57% so far this week.

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 Exchange Companies Association of Pakistan.