In the interbank market on Thursday, the Pakistani rupee strengthened by 0.07% against the US dollar during the early minutes of trading.
At 10 AM, the local currency was trading around 280.17, showing an improvement of 0.20 rupees compared to Wednesday, when the rupee had closed at 280.37 per dollar.
Meanwhile, on the global stage, the US dollar weakened on Thursday after the Federal Reserve adopted a softer economic outlook instead of a more aggressive stance. As a result, investors sold off the dollar, pushing the euro above the key $1.17 level, reaching a two-month high of $1.1705 in early Asian trading.
Additionally, the British pound climbed to a 1.5-month high of $1.3391, while the Japanese yen—previously under pressure due to wide interest rate differentials between Japan and the rest of the world—rose 0.25% to 155.64 per dollar.
Reports indicate that against a basket of major currencies, the US dollar fell to 98.543, its lowest level since October 21.
