After the marginal appreciation, the local currency closed at Rs277.80 against the previous day’s closing of Rs277.86.

The buying and selling rates of the dollar in the open market stood at Rs279 and Rs280.7 respectively, the Forex Association of Pakistan (FAP) reported.

According to FX Street, the US Dollar strengthened and traded around 101.00 after the preliminary S&P Global and Hamburg Commercial Bank (HCOB) Purchase Managers Index (PMI) data portrayed a very sketchy picture for France, Germany, and the broader Eurozone.

It added that the nosedive in activity means issues ahead and shifts the negative focus now towards Europe. The Greenback is seeing a flight to safety, away from the Euro, which is bleeding on all fronts.

On the economic data front, traders will be able to compare the PMIs from Europe with the ones out of the US. The S&P Global PMIs for the United States (US) will be released ahead of the US trading session, with the Services component as the most important one. With nearly all PMI indicators in Europe in contraction, it rather looks like Europe is heading into a recession, while the US is still enjoying resilient activity, it further reported.

The State Bank of Pakistan (SBP) said the price of Euro increased by 91 paisa to close at Rs 309.31 against the last day’s closing of Rs 308.40.

The Japanese yen came down by 01 paisa and closed at Rs1.92, whereas an increase of Rs 2.49 was witnessed in the exchange rate of the British Pound, which traded at Rs 371.01 as compared to the last day’s closing of Rs 368.52.

The exchange rate of the Emirates Dirham decreased by 02 paisa and closed at Rs 75.63 and the Saudi Riyal remained stagnant at Rs 74.04.