US dollar being sold at Rs160.8 on January 5

KARACHI, (MANEND NEWS): The buying rate of the US dollar was Rs160 while its selling rate was Rs160.8 on Tuesday, January 5 at the closing of Pakistan’s currency market.

On Monday, the rupee weakened against the dollar in the interbank market.

The rupee closed at 159.98 against the dollar, compared with the previous closing of 159.83. It weakened by 0.09% or 15 paisas, during the session.

Dealers said the local unit lost some ground in the first session of 2021 due to increased dollar demand from importers and the corporate sector for payments.

“We saw demand from the greenback in active trading today. There was a payment pressure, as trading resumed after a long weekend,” a currency dealer said.

“We expect a downside pressure on the currency to continue in the next few sessions, amid import payments. Later, the rupee could appreciate marginally against the greenback.”

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.