US dollar sold at 156.7 against Pakistani rupee on March 11

• Buying rate of US dollar was Rs156.7 and selling rate Rs157.6 on Thursday.
  
• Dealers opine the rupee lost ground on the back of sudden demand from importers and weak supplies.
  
• Market sentiment hurt after government announced new guidelines to fight the coronavirus pandemic.
  

KARACHI: The buying rate of the US dollar was Rs156.7, while it was sold at Rs157.6 on Thursday, March 11 at the opening of Pakistan's currency market.

Dealers opined that the rupee lost ground on the back of sudden demand from importers and weak supplies. 

Moreover, a fall in the stock market and depressing sentiment, amid political tension, also weighed down the rupee during the session.

“There were some payments and inflows were not enough to cover them,” a dealer said.

“Trader sentiment is also changing due to reversal of gains in the local equity market, increasing commodities price, rising bond yields and ongoing political noise in the country.”

Read more: US dollar rate against Pakistani rupee on March 10

The sentiment was also hurt after the government announced new guidelines to fight the coronavirus pandemic, as cases were increasing. The government also deferred the planned opening of public places due to the surge in infections in the country.

Dealers said they expected the rupee to remain under a little pressure in the coming sessions. The rupee is likely to trade in the range of 157.20 and 157. 40 in the remaining sessions of the week, another dealer said.

Meanwhile, 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.