US dollar rate against Pakistani rupee on March 22

KARACHI: The buying rate of the US dollar was Rs155.8, while it was sold at Rs156.5 on Monday, March 22 at the closing of Pakistan's currency market.

Due to higher demand for the hard currency, the Pakistani rupee is expected to register a range-bound movement against the dollar in the current week, according to forex traders.

As the dollar inflows stayed robust and the political crisis (Senate elections) seemed to have calmed for the moment, the local currency started its upward trend in the interbank market after staying range-bound last week.

Read more: Weekly currency update: Traders expect Pakistani rupee to remain range-bound next week

Traders expect the rupee to consolidate around its current levels due to a significant uptake in importers booking forwards, which counters the exporters’ sales.

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 on Friday.

The information has been obtained from the Forex Association of Pakistan.