Buying and selling rate of US dollar in Pakistan on March 18

• The buying rate of the US dollar was Rs155.1, while it was sold at Rs155.8
  
• The rupee appreciates Rs12.69 or 7.53% since August last when it had hit an all-time low of 168.43.
  
• The government credit line from the International Islamic Trade Finance Corporation (ITFC) has also resulted in a reduction of outflows from the markets.
  

The buying rate of the US dollar was Rs155.1, while it was sold at Rs155.8 on Thursday, March 18 at the closing of Pakistan's currency market.

Traders said the rupee breached the 156 per dollar level on Wednesday amid thin dollar demand from importers for payments. Moreover, there were better inflows in form of remittances ahead of the Ramazan and Eid holidays and into Roshan Digital Account.

“There were no significant payments today,” a foreign exchange trader at a major bank told The News. “Exporters continued to sell dollars to increase their profit margins in anticipation of further appreciation of the exchange rate.”

Read more: Weekly currency update: Pakistani rupee expected to stay range-bound

The rupee appreciated Rs12.69 or 7.53% since August last when it had hit an all-time low of 168.43.

The government credit line from the International Islamic Trade Finance Corporation (ITFC) has also resulted in a reduction of outflows from the market. The government last month signed a $1.1 billion trade financing facility with ITFC to import oil and liquefied natural gas in the current year.

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 on Thursday.

Read more: US dollar sold at Rs156.6 in Pakistan on March 17

The information has been obtained from the Forex Association of Pakistan.