KARACHI, August 16, 2024 – The Exchange Companies Association of Pakistan (ECAP) has released the latest currency exchange rates for today, Friday, August 16, 2024. The Pakistani Rupee (PKR) maintained its position against major international currencies, reflecting stability in the open market.
According to the figures provided by ECAP, the exchange rates are as follows:
Currency Exchange Rates – August 16, 2024:
| Currency Name | Buying (PKR) | Selling (PKR) |
| USD (U.S. Dollar) | 279.37 | 280.40 |
| EURO (Euro) | 304.07 | 305.38 |
| GBP (British Pound) | 355.55 | 357.07 |
| JPY (Japanese Yen) | 1.87 | 1.92 |
| AED (UAE Dirham) | 75.90 | 76.35 |
| SAR (Saudi Riyal) | 74.11 | 74.55 |
The unchanged exchange rates indicate a day of relative calm in the currency market, with the PKR holding steady against the U.S. Dollar, Euro, British Pound, Japanese Yen, UAE Dirham, and Saudi Riyal.
Comparative Analysis with August 15, 2024:
| Currency Name | Buying (PKR) | Selling (PKR) |
| USD (U.S. Dollar) | 279.37 | 280.40 |
| EURO (Euro) | 304.07 | 305.38 |
| GBP (British Pound) | 355.55 | 357.07 |
| JPY (Japanese Yen) | 1.87 | 1.92 |
| AED (UAE Dirham) | 75.90 | 76.35 |
| SAR (Saudi Riyal) | 74.11 | 74.55 |
The comparative analysis with the previous day’s rates reveals no significant fluctuations, signaling stability in the PKR’s exchange value. The consistency in rates can be attributed to a balanced demand-supply situation in the currency market, as well as the central bank’s interventions aimed at curbing volatility.
The U.S. Dollar remains a crucial benchmark, with its buying rate at PKR 279.37 and selling at PKR 280.40, unchanged from the previous day. Similarly, the Euro is stable, buying at PKR 304.07 and selling at PKR 305.38, while the British Pound continues to trade at PKR 355.55 for buying and PKR 357.07 for selling.
The Japanese Yen, UAE Dirham, and Saudi Riyal also saw no changes, with their respective buying and selling rates holding firm at PKR 1.87 and PKR 1.92, PKR 75.90 and PKR 76.35, and PKR 74.11 and PKR 74.55.
The stability in currency exchange rates provides a level of predictability for businesses and traders dealing in foreign exchange, ensuring smoother operations amid ongoing economic challenges. As global and local economic factors continue to evolve, market participants remain vigilant, closely monitoring potential shifts in currency values.
The consistent exchange rates also reflect the effectiveness of recent measures taken by the government and the State Bank of Pakistan to stabilize the PKR, reinforcing investor confidence in the country’s economic management.
