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

The buying and selling rates of the dollar in the open market stood at Rs 278.50 and Rs 280 respectively, it added.

The State Bank of Pakistan (SBP) said the price of Euro decreased by Rs2.03 to close at Rs308.63 against the last day’s closing of Rs310.66.

However, the USD traded firmly positive ahead of the Manufacturing Purchasing Managers Index (PMI) numbers from the Institute for Supply Management (ISM), according to FX Street.

The positive turnaround for the Greenback took place after traders priced in less interest rate cuts from the Federal Reserve (Fed) on the back of Chairman Jerome Powell comments, it added.

On the geopolitical side, Israel has started its incursion into Israel in what it calls “a limited ground offensive, the Financial Times reports. Any further escalation of violence in the region could trigger safe-haven flows that generally tend to support the Greenback.

The Japanese yen came down by 02 paisa and closed at Rs1.92, whereas a decrease of Rs 1.73 was witnessed in the exchange rate of the British Pound, which traded at Rs370.39 as compared to the last day’s closing of Rs 372.12.

The exchange rates of the Emirates Dirham remained unchanged to close at Rs 75.60 and Saudi Riyal decreased by 01 and closed at Rs74.01.