The local currency depreciated and closed at Rs277.68 as compared to the previous day’s closing of Rs 277.64, according to the Forex Association of Pakistan (FAP).

The buying and selling rates of the dollar in the open market stood at Rs277.25 and Rs278.75 respectively, the association reported.

Also read: Gold Prices dip in Pakistan & Globally: Discover the factors behind this trend!

The State Bank of Pakistan (SBP) reported that the price of Euro decreased by 62 paisa to close at Rs 299.96 against the last day’s closing of Rs 300.58.

The Greenback was trading within the previous week’s range, near three-month highs, and on track to a 4% rally in October, on its strongest monthly performance in two years, according to FX Street.

The US Dollar opened the week in a softer tone as investors brace for an eventful week. The third quarter’s US Gross Domestic Product (GDP), the Personal Consumption Expenditures (PCE) Price Index, and the Nonfarm Payrolls (NFP) report are all out in the coming days.

The broader Dollar trend, however, remained positive as investors dial back hopes of aggressive interest rate cuts by the Federal Reserve (Fed). A raft of strong US economic data and speculation of former US President Donald Trump winning the US presidential election on November 5, with his inflationary policies, are lifting US Treasury yields and dragging the US Dollar higher.

Meanwhile, the Japanese yen came down by 01 paisa and closed at Rs1.81, whereas a decrease of 14 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs360.05 as compared to the last day’s closing of Rs 360.19.