In the interbank market on Friday, there was a minor 19 paisa decline in the value of the US dollar. Market sources state that during trading hours, the dollar dropped from Rs277.79 to Rs277.63.
The dollar’s value is marginally declining as the Pakistani rupee continues to appreciate in relation to the US dollar, despite the State Bank of Pakistan’s (SBP) efforts to stabilize the currency through policy and intervention measures.
Globally, the US dollar dropped from two-month highs it had reached overnight against its main competitors as evidence of the labor market’s weakening strengthened the case for faster rate cuts by the Federal Reserve.
Despite this, traders were encouraged last week by unexpectedly high monthly payrolls data, which kept the dollar poised for a second consecutive weekly gain on Friday.
