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US dollar sold at Rs157.9 on March 5

US dollar sold at Rs157.9 on March 5

KARACHI: The buying rate of the US dollar was Rs157.1, while its selling rate was Rs157.9 on Friday, March 5 at the opening of the currency market.

Dealers said the local unit reversed some of the gains it made in the previous session, as political uncertainty outweighed the impact of positive developments on the economic front.

Moreover, an increase in the trade deficit also hurt the sentiment. Pakistan’s trade deficit widened 24% year-on-year to $2.52 billion in February due to higher imports and a decline in exports.

“Still there is a view in the currency market the rupee has room to appreciate further in the coming sessions, amid multiple economic positives,” a currency dealer said.

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 Exchange Pakistan.