Pakistani rupee brings US dollar down to Rs281.97
Slow and steady wins the race and same is the case with Pakistani rupee which kept on gaining against the US dollar in the interbank market, reported 24NewsHD TV channel.
According to the information obtained from the currency dealers on Wednesday, the local currency gained 45 paisas against the greenback and was being traded at Rs281.97.
On Tuesday, the Pakistani rupee was able to improve three paisas against dollar.
Interbank closing #ExchangeRate for todayhttps://t.co/Ku09P9RPw9#sbpexchangerate pic.twitter.com/JJPNn4bwoT
— SBP (@StateBank_Pak) August 12, 2025
Internationally, the US dollar weakened on Wednesday after a tame reading on US inflation bolstered expectations of a Federal Reserve rate cut next month, with President Donald Trump’s attempts to extend his grip over US institutions also undermining the currency.
US consumer prices increased marginally in July, data showed on Tuesday, in line with forecasts and as the pass-through from Trump’s sweeping tariffs to goods prices has so far been limited.
Investors eyeing imminent Fed cuts cheered the data and moved to price in a 98% chance the central bank would ease rates next month, which in turn dragged on the dollar.
Against the yen, the dollar was last 0.05% lower at 147.76, while the euro was steady at $1.1676, having risen 0.5% in the previous session.
The dollar index last stood at 98.08, after falling roughly 0.5% on Tuesday.
US Treasury yields similarly fell on the heightened rate cut expectations, with the two-year yield last at 3.7371%, having swung in a range of nearly 10 basis points on Tuesday.
The benchmark 10-year yield was little changed at 4.2965%.
Reporter Ashraf Khan/Agencies