US Dollar falls against PKR

According to Forex dealers, the dollar depreciated from Rs158.89 to close at Rs159.07 in the interbank market.

Whereas the buying rate of the US dollar was Rs158.8, while its selling rate was Rs159.5 in the open market.

The sentiment was cautious ahead of the meeting of the Financial Action Task Force (FATF) which is being held in Paris to review Pakistan’s progress and decide about its fate regarding the grey list.

Interbank closing #ExchangeRate for today: https://t.co/vWFIBJ5I9C pic.twitter.com/ArhewXoplO

— SBP (@StateBank_Pak) February 23, 2021

“We expect the rupee to stay stable with a slight weakness in the coming sessions,” a currency dealer said. “The month-end dollar demand from importers could put some pressure on the domestic currency.” 

The traders believe the rupee to hold a stable trend at Rs159/dollar-mark as remittances are growing and exports have picked up.