The previous day’s closing of the local currency was Rs 277.84, according to the Forex Association of Pakistan (FAP).

The FAP reported that the buying and selling rates of the dollar in the open market stood at Rs 277.50 and Rs 279.00 respectively.

The State Bank of Pakistan (SBP) reported that the price of Euro increased by 86 paisa to close at Rs 291.98 against the last day’s closing of Rs 291.12.

It maintained that the Japanese yen went up by 03 paisa and closed at Rs 1.83, whereas an increase of Rs 1.57 was witnessed in the exchange rate of the British Pound, which traded at Rs 350.619 as compared to the last day’s closing of Rs 348.62.

According to FX Street report, the USD traded softer against most major peers in the currency markets, with the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, extending this week’s correction and falling below the 106.50 level.

The release of the Federal Open Market Committee (FOMC) Minutes on Tuesday did not really move the needle for markets, with confirmation that several Federal Reserve (Fed) members were advocating for either another rate cut in December or a pause in the cutting cycle. The fact that a rate hike was not discussed at all should put markets at ease on the Fed’s rate decision in December, it reported.