US dollar rises further against the Pakistani Rupee

US dollar rises further against the Pakistani Rupee

The buying rate of the US dollar link was Rs160.6, while its selling rate was Rs161.3 on Saturday, January 23.

On Friday, the rupee weakened further for the third consecutive session amid higher demand for the dollars for import payments, dealers said.

Moreover, the dealers said the local unit traded slightly weaker, as importers’ demand offset inflows from remittances and export selling.

“We expect the rupee to face a downside pressure in the coming week on the back of increased greenback demand for the import payments, especially oil and LNG,” a foreign exchange dealer said.

“The rupee may touch 161 level against the dollar in the sessions ahead.

The following were the rates of the US Dollar link, Saudi Riyal, UK Pound, the UAE's Dirham, and other foreign currencies in the open market.