On the previous day, the local currency closed at Rs277.68, according to the Forex Association of Pakistan (FAP).

The buying and selling rates of the dollar in the open market stood at Rs277.30 and Rs278.80 respectively, the association said.

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According to FX Street, the USD gathered strength in the American trading hours on Monday, with the USD Index reaching its highest level since early August above 104.00.

Early Tuesday, it further reported, the index stayed in a consolidation phase below this level. Richmond Fed Manufacturing Index for October will be the only data featured in the US economic calendar. Throughout the day, several key central bankers, including European Central Bank (ECB) President Christine Lagarde and Bank of England (BoE) Governor Andrew Bailey, will be delivering speeches, it said.

The media report maintained the USD benefited from the risk-averse market environment and started to outperform its major rivals as Wall Street’s main indexes opened on a bearish note. In the European morning on Tuesday, US stock index futures are down between 0.2% and 0.3%.

The FAP further reported that the price of Euro decreased by 37 paisa to close at Rs300.90 against the last day’s closing of Rs301.27, according to the State Bank of Pakistan (SBP).

The Japanese yen came down by 01 paisa and closed at Rs1.84, whereas a decrease of 42 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs361.14 as compared to the last day’s closing of Rs361.56, it said.