US dollar up against rupee

The buying rate of the US dollar stood at Rs159.2, while its selling rate was Rs160. Earlier on Tuesday, the rupee extended losses for the second consecutive session because of the prevailing high demand from importers, dealers said.

Rupee had been trading at Rs159 until last week, and it suddenly breached this support, closing at Rs158.82 on Friday due to increased inflows and a decreased importer demand.

Dealers expect the local currency to trade at the Rs159 level in the sessions ahead. There were some import payments, which pushed the rupee lower. However, supplies were not enough to meet the demand, the dealers said.

It is important to mention that Pakistani Rupee appreciates when lesser amount of rupees are required to get one USD whereas PKR depreciates when more rupees are required to get one greenback.