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US dollar sold at Rs161.2 on Jan 27

US dollar sold at Rs161.2 on Jan 27

KARACHI: The buying rate of the US dollar was Rs160.5, while its selling rate was Rs161.2 on Wednesday, January 27 at the opening of the currency market.

On Tuesday, the rupee ended stronger against the dollar because of the easing payment pressure and positive sentiment, dealers said.

“There were no heavy payments in the market and the demand for the greenback remained sluggish,” a foreign exchange dealer said.

“The reports of extending financial support from the World Bank to Pakistan and the issuance of Islamic bonds helped positive sentiment in the market,” he added.

Dealers said they expect the rupee not to breach 160 level in the coming sessions, but much would depend on the demand and inflows from export proceeds and remittances.

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.