The previous day’s closing was Rs277.89, according to the Forex Association of Pakistan (FAP).

The association reported that the buying and selling rates of the dollar in the open market stood at Rs277.50 and Rs279 respectively.

The State Bank of Pakistan (SBP) said that the price of Euro decreased by 18 paisa to close at Rs298.91 against the last day’s closing of Rs299.09.

The Japanese yen remained unchanged and closed at Rs1.80, whereas an increase of 82 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs359.31 as compared to the last day’s closing of Rs 358.49.

According to FX Street, the USD faced more selling pressure as the fade became larger with profit-taking pressure persisting on Thursday after the Greenback had its best performance in years in reaction to Donald Trump winning the US presidential election.

Traders’ attention shifts now to the Federal Reserve (Fed), which is set to cut interest rates by 25 basis points (bps) this Thursday, the report said. With the rate decision fully priced in, the focus will be on Fed Chairman Jerome Powell, specifically on the inflation and rate outlook for December and beyond in light of the US presidential election outcome, it maintained.

The US economic calendar is picking up in weight, with the weekly Jobless Claims set to be released. The quarterly Nonfarm Productivity and Unit Labor Costs will add some weight to the price reaction as well. Right at the end of the trading day, the Fed will release its rate decision, followed by Fed Chairman Powell’s press conference shortly thereafter.