ISLAMABAD: Pakistani rupee on Thursday appreciated by 09 paisa against the US dollar in the interbank trading and closed at Rs 278.67 against the previous day’s closing of Rs 278.76.
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 278.75 and Rs 280.25 respectively.
The price of Euro increased by 88 paisa to close at Rs 308.95 against the last day’s closing of Rs 308.07, according to the State Bank of Pakistan (SBP).
The Japanese yen went up by 02 paisa and closed at Rs1.94, whereas an increase of 71 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs366.38 as compared to the last day’s closing of Rs365.67.
The exchange rates of the Emirates Dirham and the Saudi Riyal decreased by 02 paisa and 04 paisa to close at Rs75.87 and Rs74.23 respectively.
It is important to note here that the dollar slipped against most major currencies after July U.S. job openings data signaled a softening labor market, tilting the odds further in favor of larger interest rate cuts by the Federal Reserve.
Traders boosted bets that the Fed will deliver a half-a-percentage-point reduction at its next meeting, following news that job openings in July fell to the lowest level in 3-1/2 years.
Friday’s U.S. payrolls report could offer further clues on the timing and pace of Fed rate cuts.
“The U.S. central bank must not keep interest rates too high much longer or it risks causing too much harm to employment, Atlanta Federal Reserve President Raphael Bostic said on Wednesday.
The dollar index , which measures the U.S. currency’s strength against six major peers, was down 0.3% at 101.4. The dollar slipped 1% to 144.07 yen, a one-week low, as global financial markets generally avoided riskier assets.
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