On the previous day’s closing, the local currency settled at Rs277.96, according to the Forex Association of Pakistan (FAP).

The buying and selling rates of the dollar in the open market stood at Rs 277.60 and Rs 279.10 respectively, the association reported.

The State Bank of Pakistan (SBP) reported that the price of Euro increased by 84 paisa to close at Rs292.82 against the last day’s closing of Rs291.98.

The SBP report said that The Japanese yen remained unchanged and closed at Rs 1.83, whereas an increase of Rs1.55 was witnessed in the exchange rate of the British Pound, which traded at Rs 351.74 as compared to the last day’s closing of Rs 350.19.

In the international market, the US Dollar (USD) dropped lower after some major US economic data points were released, according to FX Street. With the shortened trading week, the US Gross Domestic Product, the Durable Goods and the Personal Consumption Expenditures data has been moved up, to Wednesday.

The third quarter Gross Domestic Product (GDP) print came in as no surprise and was in line of expectations, where Durable Goods came in at 0.2%, far below the expected 0.5% ahead of the busiest shopping season of the US, it further reported.

It maintained that the main pivotal data that remained for this Wednesday was the Personal Consumption Expenditures (PCE) Price Index for October, the preferred inflation gauge for the Federal Reserve (Fed).

Both the Core and Headline prints for both the yearly and monthly component fell in line of expectations. This confirms the 50-50 odds for either a rate cut or rate pauze in the upcoming December meeting.