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US greenback bought at Rs161 on January 21

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The shopping for price of the US greenback was Rs160.4, whereas its promoting price was Rs161 on Thursday. Picture: STOCK IMAGE
  • The shopping for price of the US greenback was Rs160.4, whereas its promoting price was Rs161 on January 21.
  • A international alternate supplier stated that there have been no heavy funds and the provision of the greenback was additionally clean.
  • The SBP is more likely to maintain the coverage price unchanged at 7% for the subsequent two months.

KARACHI: The shopping for price of the US greenback was Rs160.4, whereas its promoting price was Rs161 on Thursday, January 21.

Analysing the market sentiments on Wednesday, a international alternate supplier stated: “There have been no heavy funds and the provision of the greenback was additionally clean”.

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.

Read more: US dollar sold at Rs161 in Pakistan on Jan 20

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.

Forex Shopping for Promoting
Australian Greenback 122.5  124.5
Canadian Greenback 125.5 128 
Euro 193.5  196
Saudi Riyal 42.7  43.2 
Japanese Yen 1.55 1.58 
China Yuan 24.85 25 
UAE Dirham 43.7  44.2 
UK Pound Sterling 216.5  219 
US Greenback 160.4  161

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