The local currency on the previous day’s closing was Rs278.23, according to the Forex Association of Pakistan (FAP). The buying and selling rates of the dollar in the open market stood at Rs 277.60 and Rs 279.15 respectively, it added.

The State Bank of Pakistan (SBP) said the price of Euro decreased by Rs 1.54 to close at Rs 291.06 against the last day’s closing of Rs 292.60.

The central bank reported that the Japanese yen remained came down by 01 paisa and closed at Rs1.81, whereas a decrease of Rs 3.87 was witnessed in the exchange rate of the British Pound, which traded at Rs351.24 as compared to the last day’s closing of Rs355.11.

According to FXStreet, the US Dollar (USD) is holding on to gains after the European Central Bank (ECB) has cut its policy rate by 25 basis points in its last meeting for 2024.

ECB President Christine Lagarde confirmed during her press conference that a bigger rate cut was under concideration after several Eurezone countries saw their economic activity fall into contraction. Although a 25 basis points interest-rate cut was in line with expectations, questinos will remain if that is enough to kickstart the Eurozone economy again, the report added.

The report said the Producer Price Index (PPI) report saw same more concerns with the monthly Headline Index ticking up to 0.4%, beating the 0.2% expectation and above the previous release of 0.3%. Inflation does not look to be abaiting that easily even now.