The local currency closed at Rs277.84 against the previous day’s closing of Rs277.72, according to the Forex Association of Pakistan (FAP).

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

The State Bank of Pakistan (SBP) reported that the price of Euro increased by 62 paisa to close at Rs300.08 against the last day’s closing of Rs299.46.

According to FX Street, the US dollar retreated against most major currencies, ahead of a more busy day in terms of  US data releases, with the Purchasing Managers Indices (PMI) data for October as the main event. Earlier on Thursday, the European PMIs came in mixed, with France contracting further in all sectors and Germany posting better-than-expected readings, it reported.

Still, as per the report, except for the German Services PMI, all readings for both countries – which are the Eurozone’s largest economies –remain in contraction territory.

The report revealed that the US calendar will also offer the PMI data, which will give insight about the state of the economy. Apart from these, the weekly Jobless Claims figures and both the Chicago Fed and Kansas City Fed activity trackers will create some additional volatility.

Meanwhile, the Japanese yen remained unchanged and closed at Rs1.82, whereas an increase of 33 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs360.40 as compared to the last day’s closing of Rs360.07, the SBP reported.