The local currency’s previous day’s closing was Rs278.04, according to the Forex Association of Pakistan (FAP).

The FAP further reported that the buying and selling rates of the dollar in the open market stood at Rs277.50 and Rs279.00 respectively.

The State Bank of Pakistan (SBP) reported that the price of Euro decreased by Rs 1.07 to close at Rs 292.89 against the last day’s closing of Rs293.96.

Meanwhile, the USD Index strived to revisit the yearly high of 107.00 as investors expect that there will be fewer interest rate cuts from the Federal Reserve (Fed) in its current policy-easing cycle, according to FX Street report.

Against local currency, the Japanese yen went up by 01 paisa and closed at Rs1.79, whereas a decrease of Rs1.51 was witnessed in the exchange rate of the British Pound, which traded at Rs 351.40 as compared to the last day’s closing of Rs 352.91, the SBP said.

The USD/JPY pair slid to near 154.00 in Thursday’s European session, it said. The asset weakens even though the US Dollar (USD) edged higher, with the US Dollar Index (DXY) rising to near 106.70.

Fed’s data-dependent approach is expected to refrain it from cutting interest rates aggressively as market experts project a rebound in the United States (US) inflation and see economic growth accelerating, given that President-elected Donald Trump’s victory in both houses will allow him to implement his economic agenda smoothly, the reported said.

Meanwhile, Trump vowed to raise import tariffs universally by 10% and lower taxes, a move that would not allow the Fed to go for deeper rate cuts. For the December meeting, there is a 56% probability that the Fed will cut interest rates by 25 basis points (bps) to 4.25%-4.50%, which has been diminished from 72% a week ago, according to the CME FedWatch tool.