Karachi, August 11, 2024: The Exchange Companies Association of Pakistan (ECAP) has released the latest currency exchange rates for today, reflecting the value of the Pakistani Rupee (PKR) against several major international currencies in the open market.
The rates indicate slight fluctuations compared to the previous day’s trading, highlighting the PKR’s ongoing volatility amidst global economic pressures.
Current Exchange Rates – August 11, 2024
• USD (U.S. Dollar): Buying at PKR 279.38 | Selling at PKR 280.40
• Euro (EUR): Buying at PKR 303.77 | Selling at PKR 305.32
• GBP (British Pound): Buying at PKR 354.99 | Selling at PKR 356.94
• JPY (Japanese Yen): Buying at PKR 1.87 | Selling at PKR 1.93
• AED (UAE Dirham): Buying at PKR 75.91 | Selling at PKR 76.35
• SAR (Saudi Riyal): Buying at PKR 74.14 | Selling at PKR 74.55
Comparative Analysis with August 10, 2024
When compared to August 10, 2024, the PKR exhibited mixed performance across various currencies. The most notable movements were observed in the Euro (EUR) and British Pound (GBP), while the U.S. Dollar (USD) and other currencies showed marginal changes.
• U.S. Dollar (USD): The buying rate for the USD edged up slightly from PKR 279.28 to PKR 279.38, while the selling rate remained unchanged at PKR 280.40. This minor increase reflects the ongoing demand for the USD in the local market, driven by import payments and debt servicing requirements.
• Euro (EUR): The Euro saw a marginal decline in both buying and selling rates. The buying rate dropped from PKR 303.80 to PKR 303.77, and the selling rate decreased from PKR 305.41 to PKR 305.32. The slight depreciation indicates a stabilizing Euro against the PKR after recent gains, possibly due to market corrections in the Eurozone.
• British Pound (GBP): The GBP buying rate increased from PKR 354.88 to PKR 354.99, while the selling rate rose from PKR 356.78 to PKR 356.94. This upward trend reflects the Pound’s relative strength as investors anticipate potential interest rate hikes by the Bank of England to curb inflation.
• Japanese Yen (JPY): The JPY buying rate remained stable at PKR 1.87, with a slight increase in the selling rate from PKR 1.92 to PKR 1.93. The Yen’s stability mirrors its safe-haven status amid global uncertainties.
• UAE Dirham (AED) and Saudi Riyal (SAR): Both currencies showed negligible changes, with the AED buying rate increasing by PKR 0.01 and the SAR remaining almost flat. These minimal shifts are indicative of the stable economic ties between Pakistan and the Gulf states.
Overall, the PKR’s performance on August 11, 2024, reflects the ongoing challenges and opportunities in the global currency markets, with minor fluctuations highlighting the interplay of local and international economic factors.