KARACHI: The US dollar rate in Pakistan marginally strengthened by Re0.08 (08 paisa) to Rs279.28 against the Pakistani rupee in the interbank market on Tuesday (Feb 27).
At close, the local unit settled at 279.28, a loss of Re0.08 against the greenback, as per the State Bank of Pakistan (SBP).
Globally, the US dollar traded on the back foot on Tuesday, as markets looked ahead to a week of US economic data that will provide fresh signals on how soon the Federal Reserve may begin cutting interest rates.
The US dollar index, which measures the currency against a basket of peers including the euro and yen, traded flat at 103.77 in Asian time, following a 0.17% slide on Monday.
Markets have all but ruled out a cut at the Fed’s March meeting and have recently pushed back expectations for a cut to June from May, CME’s FedWatch Tool showed, following strong US consumer and producer price data.
