- The buying rate of the US dollar was Rs160.4, while its selling rate was Rs161 on January 21.
- A foreign exchange dealer said that there were no heavy payments and the supply of the dollar was also smooth.
- The SBP is likely to keep the policy rate unchanged at 7% for the next two months.
KARACHI: The buying rate of the US dollar was Rs160.4, while its selling rate was Rs161 on Thursday, January 21.
Analysing the market sentiments on Wednesday, a foreign exchange dealer said: “There were no heavy payments and the supply of the dollar was also smooth”.
Dealers said in addition to improvement in the supply of the US currency, positive sentiment ahead of Joe Biden’s inauguration as US president also supported the local unit.
“We expect the rupee to remain stable in the coming sessions,” the dealer said. “Traders are unlikely to take fresh positions ahead of the monetary policy announcement due on Friday,” he added.
Analysts and markets expect a status quo to be maintained in January monetary policy announcement.
The State Bank of Pakistan is likely to keep the policy rate unchanged at 7% for the next two months.
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.
The information has been obtained from the Forex Association of Pakistan.
|UK Pound Sterling||216.5||219|