The local currency had witnessed the previous day’s closing of Rs 277.85, 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 Rs 277.40 and Rs 278.90 respectively.

The State Bank of Pakistan (SBP) reported that the price of Euro increased by Rs 1.16 to close at Rs 294.17 against the last day’s closing of Rs 293.01.

According to The US Dollar (USD) is entering a choppy trading pattern on the back of headlines around Russian President Vladimir Putin having signed a decree that allows the use of nuclear weapons against a non-nuclear state if it is supported by nuclear powers. The move is widely seen as a clear threat to Ukraine after the United States gave Kyiv permission to use long-range missiles to attack military targets inside Russia.

As tensions escalate, the report says, US equities are turning red and safe havens such as the USD, the Swiss Frank (CHF) and the Japanese Yen (JPY) are seeing substantial inflows. The move is a knee-jerk reaction to the risk-on close that markets saw on Monday.

Meanwhile, the Japanese yen remained unchanged and closed at Rs 1.79, whereas an increase of Rs 1.59 was witnessed in the exchange rate of the British Pound, which traded at Rs 352.17 as compared to the last day’s closing of Rs 350.58.