However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 277.50 and Rs 279.00 respectively.
The price of the Euro increased by 85 paise to close at Rs 292.98 against the last day’s closing of Rs 292.13, according to the State Bank of Pakistan (SBP).
The Japanese yen went up by 01 paise and closed at Rs 1.85, whereas an increase of Rs1.32 was witnessed in the exchange rate of the British Pound, which traded at Rs 354.03 as compared to the last day’s closing of Rs 352.71.
The exchange rate of the Emirates Dirham and the Saudi Riyal increased by 01 paise each to close at Rs75.67 and Rs73.97 respectively.
Yesterday, the euro rose in choppy trading, as a French no-confidence vote due later in the session seemed to have already been priced in the currency, while the US Dollar (USD) slipped as December interest rate cut chances firmed amid signs the American economy was slowing.
Euro edges higher; US dollar falls
The South Korean won, one of the biggest movers on Tuesday, rose against the dollar, bolstered by suspected central bank intervention and the finance ministry’s pledge of “unlimited” liquidity support to markets. That came a day after South Korean President Yoon Suk Yeol declared martial law in a late-night television address, only to lift it hours later.
The euro climbed 0.1% against the dollar to $1.0522 ahead of a vote by French lawmakers on no-confidence motions which are all but certain to topple the fragile coalition of Prime Minister Michel Barnier.
The debate began at 4 p.m. in Paris (1500 GMT), with voting expected about three hours later, parliament officials said.
“The French vote has been partially priced in the euro because yesterday the headlines suggested that the outcome of the vote may be negative,” said Vassili Serebriakov, FX strategist at UBS in New York.
Mutib Khalid is a skilled content writer and digital marketer with a knack for crafting compelling narratives and optimizing digital strategies. Excel in creating engaging content that drives results and enhances online presence. Passionate about blending creativity with data-driven approaches, Mutib Khalid helps brands connect with their audience and achieve their goals.