US dollar being sold at Rs160.6 on January 5

The buying rate of the US dollar was Rs159.8 while its selling rate was Rs160.6 on Tuesday, January 5 at the opening 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.

In the open market, the rupee ended at 160.20 versus the greenback, compared with the previous closing of 160.30.

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.

The rupee traded in the range of 159.75 and 160.12 during the session.

“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.”