US dollar rates in Pakistan on March 16

• The buying rate of the US dollar was 156.7, while it was sold at 157.3 on Tuesday.
  
• Dealers say the local unit managed to register nominal gains due to thin dollar demand from importers and corporates for payments.
  
• Exporters started forward selling of the dollars, which helped the rupee gain grounds, say one of the dealers.
  

KARACHI: The buying rate of the US dollar was 156.7, while it was sold at 157.3 on Tuesday, March 16 at the closing of Pakistan's currency market.

Dealers said the local unit managed to register nominal gains due to thin dollar demand from importers and corporates for payments.

 Moreover, improvement in the dollar liquidity also supported the rupee. “There were routine payments. Exporters started forward selling of the dollars, which helped the rupee gain grounds,” a foreign exchange dealer said.

Read more: US dollar sold in Pakistan for Rs157.6 on March 15

“Sentiment was boosted by the reports that the United Arab Emirates may rollover the $1 billion loan for another one year and Pakistan was among top ten apparel exporting countries to the United States in January,” 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.