After marginal gain, the local currency closed at Rs277.83 against the previous day’s closing of Rs277.91. On Thursday, rupee gained 13 paisa against the US dollar in the interbank trading.

The buying and selling rates of the dollar in the open market stood at Rs 279.25 and Rs 280.75 respectively, according to the Forex Association of Pakistan (FAP).

The State Bank of Pakistan (SBP) said that the price of Euro increased by 36 paisa to close at Rs 310.19 against the last day’s closing of Rs 309.83.

FX Street reported that the US Dollar Index (DXY), which measures the value of the USD against a basket of currencies, is trading flat near 100.70 on Thursday as the market digests the Federal Reserve s (Fed) 50-basis-point (bps) cut.

It further said that the market overreacted to the news, intensifying expectations of further easing despite the Fed s efforts to indicate a gradual easing cycle. On Thursday, the US released strong Initial Jobless Claims figures, which stopped the USD’s bleeding.

The exchange rates of the Emirates Dirham and Saudi Riyal decreased by 02 paisa and 01 paisa to close at Rs 75.64 and Rs74.04 respectively.

The Japanese yen came down by 02 paisa and closed at Rs1.93, whereas an increase of Rs 1.62 was witnessed in the exchange rate of the British Pound, which traded at Rs369.81 as compared to the last day’s closing of Rs 368.19.