US dollar rate sees marginal decline, closes at Rs288.25 in open market on Nov 17

KARACHI: The US dollar rate witnessed marginal decline against Pakistani rupee in the open market on Friday (Nov 17).

During the day, currency dealers said the rupee was traded at 285.50 for buying and 288.50 for buying purposes for customers.

However, at the ending of trading, the currency closed at Rs285.25 for buying and Rs288.25 for selling purposes, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

Whereas dollar became cheaper by 88 paise in Interbank and closed at Rs286.50 in Interbank.

Internationally, the yen was on track for its best week against the US dollar in four months on Friday on the prospect of a narrowing US-Japan rate differential, with bets that the Federal Reserve is done raising rates leaving the greenback headed for a weekly loss.

A slew of weaker-than-expected US economic data released this week, led by a slowdown in inflation, has reinforced market expectations that the Fed has reached the end of its aggressive monetary tightening cycle, with a focus now on when the first rate cuts could begin.