KARACHI, (MANEND NEWS): The buying rate of the US dollar was Rs160.6, while its selling rate was Rs161.3 on Monday, January 25 at the opening of currency market.
Hurt by a rise in demand from oil importers, the Pakistani rupee is expected to trade slightly weaker against the United States’ dollar this week.
“We might see buying pressure from oil importers. Acceleration in the economic activity means a rise in the demand for the dollars to pay for energy, machinery, and equipment imports,” a foreign exchange trader told The News.
“The inflows may not be enough to meet the market demand. So, we anticipate the rupee to touch 161 level to the dollar with the chances of losing a bit of more ground if the inflows are not adequate to compensate.”
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.
The information has been obtained from the Forex Association of Pakistan.