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US Dollar demand Low

Karachi: Rupee on the third day of the trading week managed to post gains against the dollar mainly due to lesser import expenses and an recovering economic outlook.

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US Dollar demand Low
GNN Media: Representational Photo

The buying rate of the US dollar on Wednesday was Rs159.1, while its selling rate was Rs159.9 at the closing of market on Wednesday, February 10.

Meanwhile, according to Forex Association of Pakistan, the buying and selling rates of dollar in the open market were recorded at Rs159.1 and Rs159.9 respectively.

In interbank trading, the price of euro appreciated by 97 paisas and closed at Rs193.26 against the last day’s trading of Rs 192.29, State Bank of Pakistan reported.

According to the Currency dealers the rupee continued to appreciate versus the greenback due a slowdown in the demand of the dollar from importers. “There is a lack of import payment pressure. It seems the government had already bought oil to meet its demand,” a foreign exchange trader thought.

“The market didn’t react to the surge in the international oil prices,” he added.

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