The previous day’s closing was Rs277.66, according to the Forex Association of Pakistan (FAP).

The buying and selling rates of the dollar in the open market stood at Rs277.40 and Rs278.90 respectively, the FAP reported

According to FX Street, the US Dollar consolidated on Monday after a very calm start of the week in the Asian session, with the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, slightly in the red near a fresh year-to-date high reached last Thursday above 106.50.

The main driver for the currency on Monday is the green light from the Biden Administration on Sunday for Ukraine to use long-range US missiles to target Russian infrastructures within Russian borders, just ahead of the G20 meeting in Rio De Janeiro this Monday, it reported.

The US response comes after Moscow deployed nearly 50,000 troops to Kursk, the southern Russian region. Reporting on that, “the change comes largely in response to Russia s deployment of North Korean ground troops to supplement its own forces, a development that has caused alarm in Washington and Kyiv,” Reuters said.

The US economic calendar is very light this Monday. Besides a speech by Federal Reserve Bank of Chicago President Austan Goolsbee, nothing really market moving on the docket. Markets will instead look out for the G20 meeting and comments around Ukraine.

Meanwhile, the State Bank of Pakistan (SBP) reported the price of Euro decreased by 48 paisa to close at Rs293.01 against the last day’s closing of Rs293.49.

The Japanese yen went up by 01 paisa and closed at Rs 1.79, whereas a decline of 96 pasia was witnessed in the exchange rate of the British Pound, which traded at Rs 350.58 as compared to the last day’s closing of Rs 351.54.