Pakistani Rupee saw a marginal increase of 01 paisa against the US dollar in interbank trading, closing at Rs 278.10 compared to the previous day's Rs 278.11.
According to the Forex Association of Pakistan (FAP), the open market rates for the dollar were Rs 277.00 for buying and Rs 279.70 for selling.
The Euro's value dipped by 49 paisa, closing at Rs 298.62 from the previous Rs 299.11, reported the State Bank of Pakistan (SBP).
Similarly, the Japanese Yen witnessed a slight decrease, trading at Rs.1.79 compared to Rs 1.80, while the British Pound dropped Rs 1.77, closing at Rs 346.81 versus the previous Rs 348.58.
The exchange rates for the Emirates Dirham and Saudi Riyal remained steady at Rs 75.71 and Rs.74.15 respectively.
On the international front, the US Dollar (USD) remained stable on Wednesday, recuperating from losses attributed to renewed expectations of Federal Reserve rate cuts. Meanwhile, the yen weakened for the third consecutive day, raising concerns about potential intervention from Tokyo.
In Europe, the Swedish crown faced pressure following interest rate cuts by the central bank, while the pound stayed in negative territory ahead of an upcoming Bank of England meeting.
Japanese authorities issued a stronger warning about the weakened yen's impact on the economy, prompting traders to speculate about recent interventions, estimated at approximately $60 billion, aimed at supporting the currency.
