USD exchange rate: Rupee strengthens against dollar

In the latest updates, the buying and selling rates for the US Dollar (USD) are reported at Rs276.10 and Rs278.85, respectively.

Yesterday's rates for the US Dollar were Rs278.10 for buying and Rs277.60 for selling.

The British Pound (GBP) shows buying and selling rates of Rs358.45 and Rs362.00.

The Euro (EUR) is currently priced at Rs298.10 for buying and Rs301.05 for selling. Similarly, the Saudi Riyal (SAR) has a buying rate of Rs73.50 and a selling rate of Rs74.20.

Other notable currencies include the Australian Dollar (AUD), with buying and selling rates at Rs178.75 and Rs182.00, and the Canadian Dollar (CAD) at Rs197.00 for buying and Rs202.00 for selling. The Swiss Franc (CHF) has a buying rate of Rs316.00 and selling at Rs319.70.

The Gulf currencies also reflect significant values, with the Omani Rial (OMR) at Rs716.10 for buying and Rs723.25 for selling, the Bahraini Dinar (BHD) at Rs730.20 and Rs737.50, and the Kuwaiti Dinar (KWD) with rates of Rs896.35 for buying and Rs905.30 for selling.

While the UAE Dirham (AED) stands at Rs75.20 for buying and Rs75.95 for selling.

Rupee's fair value is under Rs240/$

Earlier Pakistan's Deputy Prime Minister Ishaq Dar stated on Tuesday that, according to economic fundamentals, the rupee should not exceed Rs240 against the dollar.

He criticized the flexible exchange rate system, claiming it harms both the economy and the public.

During his address at the Pakistan China Institute forum, Dar expressed optimism for a significant interest rate reduction in the upcoming monetary policy committee meeting, attributing this to a notable decrease in inflation rates.

He noted that the Real Effective Exchange Rate (REER) for September indicated that the rupee should ideally range between Rs235 and Rs240 per dollar, emphasizing that the REER reflects the inflation-adjusted value of the currency compared to othe