The local currency closed at Rs278.64 against the previous day’s closing of Rs278.45 on Thursday.

Meanwhile, the buying and selling rates of the dollar in the open market stood at Rs 278.5 and Rs 280 respectively, according to the Forex Association of Pakistan (FAP).

The State Bank of Pakistan (SBP) revealed that the price of Euro decreased by Rs1.13 paisa to close at Rs 309.59 against the last day’s closing of Rs 310.72.

The Japanese yen remained unchanged and closed at Rs1.92, whereas a decrease of 38 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs368.07 as compared to the last day’s closing of Rs368.45.

The central bank stated that the exchange rates of the Emirates Dirham and the Saudi Riyal increased by 05 paisa each to close at Rs75.86 and Rs74.25 respectively.

FX Street reported that the US Dollar traded with an advantage on Thursday at the start of the US trading session with European inflation data pointing to a rapid decline in inflation on the bloc, weakening the Euro (EUR) against the USD.

The Greenback faced two days of a busy US economic calendar, with some data having the potential to be market-moving. Expect to see volatile moves unfolding as markets constantly flip-flop between bets of a 25-basis-point or a 50-basis-point interest-rate cut in September, depending on how incoming economic data plays out. Federal Reserve (Fed) Jerome Powell didn’t commit to any rate-cut size or forward guidance in his speech at Jackson Hole, so markets will have plenty of variables to speculate with.