After today’s appreciation, the local currency closed at Rs277.91 against the previous day’s closing of Rs278.04.

The buying and selling rates of the dollar in the open market stood at Rs 279.20 and Rs 280.70 respectively, the Forex Association of Pakistan (FAP) reported.

The State Bank of Pakistan (SBP) reported that the price of Euro increased by 36 paisa to close at Rs 309.83 against the last day’s closing of Rs 309.47.

The Japanese yen remained unchanged and closed at Rs1.95, whereas an increase of Rs 1.22 was witnessed in the exchange rate of the British Pound, which traded at Rs368.19 as compared to the last day’s closing of Rs 366.97, it further stated.

It was revealed that the exchange rates of the Emirates Dirham and Saudi Riyal decreased by 04 paisa and 02 paisa to close at Rs75.66 and Rs74.05 respectively, state-run Associated Press of Pakistan reported.

According to FS Street, the US Dollar traded back at levels where it was before the US Federal Reserve (Fed) meeting took place, and was even heading higher just ahead of the US trading session.

The media platform further reported that traders quickly pared back initial losses on Wednesday after Fed Chairman Jerome Powell said that a 50-basis-point (bps) rate cut would not be the new normal, although the Greenback is retreating further this Thursday. Going forward, it looks like economic data ahead of each rate decision will determine the size of the cut, if any, an assumption that was perceived as rather hawkish by markets.