The local currency closed at Rs277.71 against the previous day’s closing of Rs277.63, according to the Forex Association of Pakistan (FAP).

The FAP maintained that the buying and selling rates of the dollar in the open market stood at Rs278 and Rs279.50 respectively.

The State Bank of Pakistan (SBP) stated that the price of Euro increased by Rs1.47 to close at Rs310.66 against the last day’s closing of Rs309.19.

FS Street reported that the US Dollar traded broadly flat at the start of this week, close to the year-to-date lows registered on Friday, ahead of a busy week that will end with the key Nonfarm Payrolls data. The main theme surrounding the jobs data will be how much the US Federal Reserve (Fed) will cut rates in its November meeting.

The maintained that on Monday’s economic calendar, the Chicago Purchasing Managers Index (PMI) for September is due to be released, followed by the Dallas Fed Manufacturing Business Index for September. With both indices in contraction territory, it will be interesting to see how they will move before US Federal Reserve Chairman Jerome Powell takes the stage around 17:00 GMT.