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US Dollar Exchange Rate- The US dollar witnessed its 11th consecutive decline against the Pakistani rupee, losing 0.06% in the inter-bank market on Wednesday. The persistent strengthening of the Pakistani rupee is indicative of favorable market conditions and economic factors propelling its ongoing upward trajectory.
As reported by the State Bank of Pakistan (SBP), the Pakistani rupee concluded at 282.20 against the US dollar, exhibiting a gain of Rs0.17. This adjustment signifies a slight reinforcement of the rupee, as indicated by the exchange rate determined through the central bank’s monitoring and assessment.
In the preceding session on Tuesday, the Pakistani rupee displayed a modest improvement, closing at 282.37 against the US dollar.
Wednesday saw the US dollar under global pressure, particularly as the euro approached a four-month high. Market sentiment was influenced by expectations of an imminent interest rate cut by the Federal Reserve. Limited activity was observed due to thin year-end flows, contributing to a cautious trading atmosphere in the worldwide currency market.
Read More: Dusk News Business