Pakistan rupee recovers against US dollar

KARACHI, (MANEND NEWS): The buying rate of the US dollar was Rs160.2, while its selling rate was Rs160.9 on Thursday, January 7 at the opening of Pakistan’s currency market.

A day earlier, the rupee recouped two-day losses to close slightly higher, as demand for the greenback waned, dealers said.

The rupee closed at 160.29 per dollar, up marginally 0.22% from Tuesday’s close of 160.33 in the interbank market.

The rupee ended at 160.40 against the dollar, compared with the previous close of 160.45 in the open market trade.

“There was routine dollar demand from importers through much of the day. Smooth supplies also supported the local unit,” a foreign exchange dealer said.

Dealers said the outlook for the rupee was bullish, with the dollar demand expected to remain subdued due to lower import payments.

“We anticipate the rupee to remain stable with a little appreciation against the dollar in the coming sessions.”

The rupee parity appreciated by 1.4% against the dollar in the first quarter of the current fiscal year, as compared to a 2.4% increase witnessed in the same period of the last year, the SBP’s first quarterly report on the state of the economy for the fiscal year 2020-21 said.

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.

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