Pakistani rupee strengthens against USD

ISLAMABAD: Pakistani Rupee on Tuesday gained 01 paisa against the US dollar in the interbank trading and closed at Rs 278.10 against the previous day’s closing of Rs 278.11, ARY News reported.

According to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market, however, stood at Rs 277.00 and Rs 279.70 respectively.

The price of the Euro decreased by 49 paisa and closed at Rs 298.62 against the last-day closing of Rs 299.11, according to the State Bank of Pakistan (SBP).

The Japanese Yen remained shed 01 paisa and was traded at Rs.1.79 against Rs 1.80, whereas an decrease of Rs 1.77 was witnessed in the exchange rate of the British Pound, which was traded at Rs 346.81 compared to the last closing of Rs 348.58.

The Emirates Dirham and Saudi Riyal remained stable at Rs 75.71 and Rs.74.15 respectively.

Also read: US Dollar gains ground; subdued yen prompts warning

In international market, the US Dollar (USD) held firm on Wednesday, recouping some of the losses stemming from renewed bets on Federal Reserve rate cuts this year, while the yen weakened for a third day, keeping investors wary of the risk of intervention from Tokyo.

In Europe, the Swedish crown came under pressure after the central bank cut interest rates and said it expected two more cuts this year, while the pound was stuck in negative territory ahead of a Bank of England meeting the next day.

The yen remained front of mind for currency traders, weakening for a third day and prompting Japanese officials to issue a stronger warning over the impact of the weak currency on the economy.

Traders believe Japanese authorities spent some $60 billion last week on propping up the yen after it hit its weakest in 34-years against the dollar around 160 yen.