The local currency’s previous day’s closing was Rs 277.95, according to the Forex Association of Pakistan (FAP).

The FAP reported the buying and selling rates of the dollar in the open market stood at Rs277.60 and Rs279.10 respectively.

The State Bank of Pakistan (SBP) reported the price of Euro decreased by 21 paisa to close at Rs 293.96 against the last day’s closing of Rs 294.17.

The State Bank of Pakistan said the Japanese yen came down by 01 paisa and closed at Rs 1.78, whereas an increase of 74 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs 352.91 as compared to the last day’s closing of Rs 352.17.

Also the Australian Dollar (AUD) lost against the US Dollar (USD), following the People’s Bank of China’s (PBoC) interest rate decision, according to FX Street. The PBoC s Monetary Policy Committee (MPC) opted to keep the benchmark interest rate unchanged at 3.1% for November.

Australian Treasurer Jim Chalmers stated that "tumbling iron ore prices and a softening labor market have impacted government revenue." following his Ministerial Statement on the economy on Wednesday. Chalmers outlined Australia s tough fiscal outlook, citing the weakening of China, a key trading partner, and the slowdown in the job market as contributing factors.