After witnessing a marginal depreciation, the local currency closed at Rs277.84 against the previous day’s closing of Rs277.75, 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 277.30 and Rs 278.90 respectively.

The State Bank of Pakistan (SBP) reported the price of Euro increased by 85 paisa to close at Rs 291.12 against the last day’s closing of Rs 290.27.

The Japanese yen went up by 01 paisa and closed at Rs 1.80, whereas a decrease of 19 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs 348.62 as compared to the last day’s closing of Rs 348.81, it maintained.

According to FXStreet, the USD is steamrolling markets and investors after President-elect Donald Trump communicated on his social media channel that his government will issue an additional 25% tariff on imports from Canada and Mexico, with an additional 10% to the 60% already announced during his election campaign on Chinese goods.

Markets are not doing well with this communication, as equities are printing red numbers across the board and the globe while US bond prices are dropping (yields are soaring), it added.

The report revealed that the US economic calendar will show some housing data on Tuesday. With the Housing Price Index for September and the New Home Sales data for October, markets will be able to see if the housing market in the US is cooling down as the last piece that was driving inflation. At the end of the day, the Federal Reserve (Fed) publishes the Minutes of its November 7 meeting.