After 05-paisa depreciation, rupee closed at Rs277.83 against the previous day’s closing of Rs 277.78, according to the Forex Association of Pakistan (FAP).

The FAP further reported that the buying and selling rates of the dollar in the open market stood at Rs277.35 and Rs278.90 respectively.

The State Bank of Pakistan (SBP) reported the price of Euro decreased by 11 paisa to close at Rs302.52 against the last day’s closing of Rs302.63.

The Japanese yen remained unchanged and closed at Rs1.82, whereas an increase of 20 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs360.50 as compared to the last day’s closing of Rs 360.30.

According to FX Street, the US Dollar steadied on Tuesday, with the US Dollar Index (DXY), which tracked the Greenback’s value against six major currencies, trading just below 104.00 and hanging onto important technical support as markets brace for the US presidential election.

Chances that markets will know if either Vice President Kamala Harris or former US President Donald Trump will claim victory by Wednesday look rather slim, it reported. No less than 165 lawsuits have already been filed on election fraud and recount requests even before the voting has started, it added.

This could mean that this 60th presidential election could surpass the 46 days of legal uncertainty last seen when George W. Bush won in 2000. Only a landslide victory by several points could avoid a legal battle that would plunge markets into uncertainty going into year-end.