The previous day’s closing was Rs 278.70 when the local currency declined by 06 paisa against the US dollar in the interbank trading.

The buying and selling rates of the dollar in the open market stood at Rs 278.75 and Rs 280.25 respectively, according to the Forex Association of Pakistan (FAP).

Also read: Why have gold prices nosedived today?

The State Bank of Pakistan (SBP) said that the price of Euro decreased by 11 paisa to close at Rs 308.07 against the last day’s closing of Rs 308.18.

The Japanese yen went up by 02 paisa and closed at Rs1.92, whereas a decrease of 05 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs365.67 as compared to the last day’s closing of Rs365.72.

The exchange rates of the Emirates Dirham and the Saudi Riyal increased by 01 paisa each to close at Rs75.89 and Rs74.27 respectively.

In the international market, the dollar remained mixed, according to FX Street. The Canadian dollar and Scandis are still trading with heavier bias, while the others have steadied. The Japanese yen is the strongest, up about 0.2%. The Bank of Canada is widely expected to cut rates today and signal further cuts are likely. Most emerging market currencies have firmer, but the Turkish lira, Mexican peso, and Taiwanese dollar are nursing small losses, it reported.