Feb 23, the US Dollar Traded at Rs159.6

• The US dollar’s buying rate was Rs158.9, while its selling rate on Tuesday was Rs159.6.
• The sentiment was cautious before the meeting of the Task Force on Financial Intervention
• “We expect the rupee in the coming sessions to stay stable with a slight weakness,” says a currency dealer.

KARACHI: The US dollar’s buying rate was Rs158.9, while its open market selling rate was Rs159.6 on Tuesday, February 23.

According to a The News report that is being held in Paris (Feb 22-25), the sentiment was cautious ahead of the Financial Action Task Force (FATF) meeting to review Pakistan’s progress and decide on its fate with regard to the grey list.

“In the coming sessions, we expect the rupee to remain stable with a slight weakness,” a currency dealer said.

“The importers’ month-end demand for dollars could put some pressure on the domestic currency.”

The publication reported that as remittances are increasing and exports have picked up, traders expect the rupee to hold a stable trend, trading at 159/dollar-mark in the near term.

However, most traders are concerned about the continuous decrease in foreign exchange reserves in the region.

Meanwhile, the prices of the US Dollar, the Saudi Riyal, the UK Pound, the Dirham of the UAE, and other free market foreign currencies were as follows.

The data was collected from the Pakistan Association of Exchange Companies.