US dollar rate in Pakistan on Sept 27 down by 0.5 paisa to Rs277.64

The US dollar rate in Pakistan further decreased by Re0.5 (05 paisa) against Pakistani rupee to Rs277.64 in the interbank market on Friday (Sept 27) as per the State Bank of Pakistan (SBP).

On Thursday, the rupee settled at 277.69, as per the State Bank of Pakistan (SBP). Globally, the US dollar showed weakness on Friday, heading for a third consecutive monthly decline.

Investors focused on US economic data to anticipate potential interest rate cuts, while China’s stimulus measures supported risk-sensitive currencies.

US data from Thursday indicated a stable labor market, and stronger-than-expected corporate profits in the second quarter pointed to a positive economic outlook.

Despite this, the dollar remained under pressure, with traders anticipating a 73 basis point rate cut for the year, and a 51% chance of a half-percentage-point reduction, according to CME Group’s FedWatch Tool.

The Federal Reserve has shifted its focus from inflation control to sustaining the labor market, delivering a 50 basis point interest rate cut last week.

The dollar index, which tracks its performance against other currencies, stood at 100.69, close to a 14-month low of 100.21.

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