The Pakistani rupee experienced a slight decline against the US dollar, dropping by 0.04% in the inter-bank market on Wednesday. The currency closed at 277.84, down Re0.10 from Tuesday's rate of 277.74, as reported by the State Bank of Pakistan (SBP).
On the global stage, the Australian and New Zealand dollars weakened on Wednesday due to growing skepticism over China’s stimulus measures.
Meanwhile, the US dollar remained near a two-month high against major currencies. The US dollar index, which tracks the currency against six major counterparts, remained stable at 103.25, close to Monday’s high of 103.61, its highest level since August 8.
Recent economic data, including stronger-than-expected inflation in September, has caused traders to reduce expectations for aggressive Federal Reserve interest rate cuts.
According to CME Group’s FedWatch Tool, traders now estimate a 94% chance of a 25 basis-point cut in the Fed's upcoming policy meeting on November 7, with a 6% chance of no change
