The local currency settled at Rs277.72 as compared to the previous day’s closing of Rs277.73, according to the Forex Association of Pakistan (FAP).
The FAP maintained that buying and selling rates of the Greenback in the open market stood at Rs277.30 and Rs278.80 respectively.
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The State Bank of Pakistan (SBP) revealed that the price of Euro decreased by Rs1.44 to close at Rs299.46 against the last day’s closing of Rs300.90.
According to FX Street, the The US currency sped up its rally just ahead of the US Opening Bell, fueled by uncertainty ahead of the US presidential election and safe-haven inflow after equities extend their downbeat performance.
Meanwhile, it maintained, US bonds are continuing to sell off, which means US rates are surging with the US 10-year benchmark having rallied from 4.07% on Monday to 4.23% on Wednesday. The King Dollar is back on the scene and might even accelerate further as uncertainty picks up ahead of the November 5 election.
On the US economic front, a very light calendar is ahead for markets to digest on Wednesday, as per the report. Besides the Existing Home Sales numbers, nothing really from an economic data view that could alter the current stance. Rather look at US earnings where heavyweights Tesla, IBM, Boeing and Coca cola are due to release earnings.
Meanwhile, the Japanese yen came down by 02 paisa and closed at Rs1.82, whereas a decrease of Rs 1.07 was witnessed in the exchange rate of the British Pound, which traded at Rs360.07 as compared to the last day’s closing of Rs361.14.