March 5: US dollar sold at Rs157.9

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

According to dealers, the local currency reversed some of its gains from the previous session as political instability outweighed the effects of positive economic developments.

Furthermore, a rise in the trade deficit harmed sentiment. In February, Pakistan’s trade deficit increased by 24% year on year to $2.52 billion, owing to higher imports and lower exports.

“Despite several economic positives, there is still a view in the currency market that the rupee has space to appreciate further in the coming sessions,” a currency dealer said.

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