After the decline, the local currency closed at Rs 277.86 against the previous day’s closing of Rs 277.83.

The buying and selling rates of the dollar in the open market stood at Rs 279 and Rs 280.7 respectively, according to the Forex Association of Pakistan (FAP).

The State Bank of Pakistan (SBP) said the price of Euro decreased by 1.79 paisa to close at Rs 308.40 against the last day’s closing of Rs 310.19.

The Japanese yen remained unchanged and closed at Rs1.93, whereas a decrease of Rs 1.29 was witnessed in the exchange rate of the British Pound, which traded at Rs368.52 as compared to the last day’s closing of Rs 369.81.

The exchange rate of the Emirates Dirham gained 01 paisa and closed at Rs 75.65 and the Saudi Riyal remained stagnant at Rs74.04.

According to FX Street, the US Dollar strengthened and traded around 101.00 after the preliminary S&P Global and Hamburg Commercial Bank (HCOB) Purchase Managers Index (PMI) data portrayed a very sketchy picture for France, Germany, and the broader Eurozone.

It added that the nosedive in activity means issues ahead and shifts the negative focus now towards Europe. The Greenback is seeing a flight to safety, away from the Euro, which is bleeding on all fronts.

On the economic data front, traders will be able to compare the PMIs from Europe with the ones out of the US. The S&P Global PMIs for the United States (US) will be released ahead of the US trading session, with the Services component as the most important one. With nearly all PMI indicators in Europe in contraction, it rather looks like Europe is heading into a recession, while the US is still enjoying resilient activity, it further reported.