US dollar continues to slide against Pakistani rupee

ISLAMABAD: The US Dollar continued its downward trend against the Pakistani Rupee and reached Rs282 by losing 37 paisas in the interbank trading on Wednesday.

The Pakistani rupee gained strength against the dollar on Tuesday in the interbank foreign exchange market after a three-day holiday.

In the open market, the price of the dollar reached Rs283.75 after a decrease of 25 paisas.

In a related development, the cumulative borrowing by the federal and provincial governments for budgetary support from the domestic banking system rose by 200% during this fiscal year (FY24) so far.

Gold price goes up in Pakistan

Internationally, the US dollar remained under pressure on Wednesday, while the euro flirted with a four-month peak, as expectations that the Federal Reserve would soon cut interest rates took hold in the market, with thin year-end flows keeping movements limited.

With traders out for holidays globally until the New Year, the curtailed week is likely to see muted volumes.