Rupee weakens against US dollar on 16 February

Karachi: The US dollar’s purchasing rate was Rs159.2, while Rs160 on Tuesday, February 16, was its sale rate.

The rupee dropped during Monday’s trading session, breaking a five-session winning streak, as a recent surge in dollar demand from importers dragged down the local currency, dealers said.

Dealers also said the national currency did give up profits, albeit hitting 159 levels, in the midst of increased greenback demand for import payments.

The rupee closed lower at 159.50 against the dollar on the open market, compared to 159.20 in the previous session.

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