KARACHI: The exchange rate of the US dollar in Pakistan on Wednesday (Oct 11) saw a reduction of Re1, bringing it down to Rs 279 in the open market.

The value of the dollar closed at Rs 279, down from its previous rate of Rs 280 in the open market.

Additionally, in the interbank market, the US dollar also decreased by Re1 to reach Rs 279.51.

This decline in the US dollar’s value amounts to a decrease of Rs27.59 in the interbank market. The Pakistani rupee has experienced a notable 9% increase in value, attributed to government efforts in combating dollar smuggling and hoarding.

Notably, the international performance of the US dollar on October 11 was influenced by a decline in US Treasury yields, a result of dovish Federal Reserve comments. Market participants awaited the release of the central bank’s policy meeting minutes for insights into its interest rate outlook. Several Federal Reserve officials have suggested in recent days that there may not be a need for significant tightening of monetary policy beyond initial expectations.

In the open currency market, the rates for other currencies were as follows:

• The Euro increased by Re1 to reach Rs 297.
• The British Pound remained unchanged at Rs 346.
• The UAE dirham depreciated by Re1, closing at Rs 75.20.
• The Saudi Riyal decreased by 50 paise and closed at Rs 73.70.
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