ISLAMABAD: Pakistani rupee on Thursday depreciated by 05 paisa against the US dollar in the interbank trading and closed at Rs 277.94 against the previous day’s closing of Rs 277.89.
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 277.50 and Rs 279 respectively.
The price of Euro decreased by 18 paisa to close at Rs 298.91 against the last day’s closing of Rs 299.09, according to the State Bank of Pakistan (SBP).
The Japanese yen remained unchanged and closed at Rs1.80, whereas an increase of 82 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs359.31 as compared to the last day’s closing of Rs 358.49.
The exchange rate of the Emirates Dirham and the Saudi Riyal increased by 02 and 01 paisa to close at Rs75.67 and Rs73.98 respectively.
Globally, the dollar held near four-month highs on Thursday, having scored its biggest one-day rally in two years following Donald Trump’s win in the U.S. presidential election, and as investors prepped for several central bank decisions including the Federal Reserve.
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Sterling rallied ahead of a Bank of England meeting, while the Swedish and Norwegian crowns edged up after in-line decisions from their respective central banks.
Front and centre, however, was the dollar, which rose by as much as 2% at one point against a basket of currencies on Wednesday , as investors piled into U.S. assets that they expect would benefit from Trump’s proposed policies on tariffs and taxes.
Trump’s win is unlikely to make any immediate difference to the Fed, which is expected to cut interest rates by 25 basis points later in the day. So investors will start to look to who Trump’s key appointees might be, as well as whether or not his Republican party wins both chambers of Congress in a “Red sweep”, which could dictate how easily he may enact some of his proposals.