The local currency at the previous day’s closing was Rs278.53.

The buying and selling rates of the dollar in the open market stood at Rs 278.25 and Rs 279.75 respectively, the Forex Association of Pakistan (FAP) said.

The State Bank of Pakistan (SBP) said that the price of Euro increased by 36 paisa to close at Rs 308.44 against the last day’s closing of Rs 308.80.

Also read: Gold prices in Pakistan amid declining global rates

The Japanese yen came down by 02 paisa closed at Rs1.90, whereas a decrease of Rs 1.25 was witnessed in the exchange rate of the British Pound, which traded at Rs366.09 as compared to the last day’s closing of Rs367.34.

The exchange rates of the Emirates Dirham and the Saudi Riyal increased by 03 paisa and settled at Rs75.86 and Rs74.25 respectively at the day’s closing.

FX Street reported that the Australian dollar AUD and US dollar’s pair dropped significantly to 0.6764 at the start of the week, primarily driven by a strengthening US dollar rather than an inherent weakness in the Australian dollar itself. This shift in the currency pair’s dynamics is primarily attributed to the latest Core PCE inflation data released last Friday, which moderated market expectations regarding the pace of future interest rate adjustments by the Federal Reserve.

The market is now in a consolidation phase as it awaits vital US employment data for August, set to be released this Friday. This upcoming report is critical as it could influence the Federal Reserve’s decisions in the near term.