Pakistani rupee drops against US dollar on 13 feburary

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The buying rate of the US dollar was Rs158.6, while its selling rate was Rs159.3 on Saturday, February 12.During the Friday’s trading, the rupee continued to extend its gains to below 159 against the dollar, aided by lower demand and greenback selling by exporters, dealers said.

Dealers said the local unit breached the support level of 159 and traded at 158-mark due to the oversupply of the greenback in the market.
“The inflows were higher than the demand, amid higher remittances and increased inflows coming into the Roshan Digital Account,” a currency dealer said.
Dealers anticipate the rupee to move in the band of 158.50 and 159 to the dollar in the coming sessions.
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.

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