ISLAMABAD: Pakistani rupee on Thursday appreciated by 05 paisa against the US dollar in the interbank trading and closed at Rs277.79 against the previous day’s closing of Rs277.84.
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs277.90 and Rs279.40 respectively.
The price of Euro decreased by 81 paisa to close at Rs301.52 against the last day’s closing of Rs302.33, according to the State Bank of Pakistan (SBP).
The Japanese yen remained unchanged and closed at Rs1.85, whereas a decrease of 26 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs360.83 as compared to the last day’s closing of Rs361.09.
The exchange rates of the Emirates Dirham and Saudi Riyal decreased by 02 paisa and 04 paisa to close at Rs75.62 and Rs73.96 respectively.
READ: US dollar firms on Fed outlook, potential Trump win
Yesterday, the US Dollar firmed, hitting a new 10-week high, as investors priced out a hefty interest rate cut from the Federal Reserve at the next policy meeting and included a potential election victory by former President Donald Trump.
Sterling, meanwhile, tumbled to its lowest in two months after softer than expected British inflation data offered scope for the Bank of England to cut rates more forcefully, while the euro was at a 10-week low ahead of a European Central Bank meeting.
But with U.S. presidential elections a few weeks away, investors’ focus has shifted to the contest along with the Fed’s interest rate path.
Trump’s plan to implement tax cuts, looser financial regulations, and higher tariffs is viewed as positive for the dollar. Higher tariffs, for instance, would have negative implications for Asian currencies, notably the Chinese yuan, and would also mean increased volatility in financial markets, ultimately benefiting the dollar.
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