Currency update: US dollar rates in Pakistan on March 12

• The buying rate of the US dollar was Rs157, while it was sold at Rs157.6 on Friday.
  
• Dealers think the rupee remained stable due to matching demand and supply of dollars in the market.
  
• According to them, the fear of a coronavirus outbreak is also affecting the traders’ sentiment.
  

KARACHI: The buying rate of the US dollar was Rs157, while it was sold at Rs157.6 on Friday, March 12 at the closing of Pakistan's currency market.

Dealers said the rupee remained stable due to matching demand and supply of dollars in the market.

“Today, the importers’ demand was there, but inflows were sufficient to meet that demand,” a currency dealer said.

“Market players were concerned about the declining trend in the local equity market, the expectation of increasing inflation, rising bond yields and ongoing political heat in the country.”

The fear of a coronavirus outbreak is also affecting the traders’ sentiment, dealers said.

Read more: US dollar rate against Pakistani rupee on March 10

They said increased dollar inflows in the form of remittances from Pakistanis abroad and Roshan Digital Account, official inflows, and export proceeds have helped the local unit remain stable against the greenback.

“I think the rupee will maintain its stable trend in the near-term. If the supply of the greenback increased the rupee will make slight gains against the dollar. The rupee is likely to touch 156 levels during the next week,” he added.

Meanwhile, 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.