The decline was witnessed against the previous day’s closing of Rs 278.32.

The buying and selling rates of the dollar in the open market stood at Rs 278.6 and Rs 280.1 respectively, according to the Forex Association of Pakistan (FAP).

The State Bank of Pakistan (SBP) said that the price of Euro decreased by 15 paisa to close at Rs 310.72 against the last day’s closing of Rs 310.87.

Meanwhile, the Japanese yen went up by 01 paisa and closed at Rs1.92, whereas an increase of 86 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs368.45 as compared to the last day’s closing of Rs 367.59.

The exchange rates of the Emirates Dirham and the Saudi Riyal increased by 04 paisa and 03 paisa to close at Rs75.81 and Rs74.20 respectively.

As per FX Street, the Indian Rupee (INR) extended its losses, pressured by the weakness in Asian peers and US Dollar (USD) demand from importers. Nonetheless, positive domestic markets and Federal Reserve (Fed) Chair Jerome Powell’s dovish comments at the Jackson Hole meeting last week might cushion the local currency’s downside.

Later on Wednesday, the Fed’s Christopher Waller and Raphael Bostic are scheduled to speak. The advanced US Gross Domestic Product (GDP) Annualized for the second quarter (Q2) will be published on Thursday, which is projected to grow 2.8%. On Friday, the US Personal Consumption Expenditures (PCE) Price Index and Indian GDP Quarterly for the first quarter (Q1) of fiscal 2024-25 (FY25) will be in the spotlight.