Karachi August 13, 2024 – The Exchange Companies Association of Pakistan (ECAP) has announced the latest currency exchange rates for today, Tuesday, August 13, 2024.
These rates reveal the current value of the Pakistani Rupee (PKR) against major international currencies in the open market, reflecting the ongoing economic sentiment as the country approaches its Independence Day.
As of today, the U.S. Dollar is being bought at PKR 279.37 and sold at PKR 280.40. The Euro stands at PKR 304.07 for buying and PKR 305.38 for selling. Meanwhile, the British Pound is valued at PKR 355.55 for buying and PKR 357.07 for selling. The Japanese Yen is being traded at PKR 1.87 for buying and PKR 1.92 for selling. Among the Gulf currencies, the UAE Dirham is priced at PKR 75.90 for buying and PKR 76.35 for selling, while the Saudi Riyal is being bought at PKR 74.11 and sold at PKR 74.55.
In a comparative analysis with the previous day’s rates, August 12, 2024, the PKR has shown minimal fluctuations. The U.S. Dollar, for instance, remained almost unchanged, with the buying rate slightly increasing from PKR 279.36 to PKR 279.37, while the selling rate stayed steady at PKR 280.40. This stability indicates a resilient market sentiment, particularly as the country heads into the holiday period.
The Euro saw a slight uptick, with the buying rate increasing from PKR 303.77 to PKR 304.07 and the selling rate rising marginally from PKR 305.32 to PKR 305.38. Similarly, the British Pound experienced a minor increase in its buying rate from PKR 354.99 to PKR 355.55, and the selling rate edged up from PKR 356.94 to PKR 357.07. These small shifts suggest that the PKR is holding its ground against the backdrop of fluctuating European and British markets.
The Japanese Yen, however, exhibited a negligible decrease in its selling rate, dropping from PKR 1.93 to PKR 1.92, while the buying rate remained steady at PKR 1.87. In contrast, the UAE Dirham and Saudi Riyal showed almost no movement, reflecting a stable exchange scenario within the Gulf region.
As Pakistan approaches its 77th Independence Day, the currency market is expected to remain stable, with the PKR showing resilience amid global and domestic economic pressures. Analysts believe that the performance of local currency will likely continue on this steady path in the short term, barring any significant shifts in international markets or domestic economic policies.
The ECAP will continue to monitor the currency market closely, ensuring that up-to-date information is readily available to the public. This transparency is vital for individuals and businesses to make informed financial decisions during this critical period.
