Karachi, August 17, 2024: The Exchange Companies Association of Pakistan (ECAP) has released the opening currency exchange rates for today, August 17, 2024, reflecting the Pakistani Rupee’s (PKR) performance against major international currencies in the open market. These rates offer crucial insights for importers, exporters, and the general public involved in currency transactions.
As of today, the U.S. Dollar (USD) is being bought at PKR 279.40 and sold at PKR 280.40. The Euro (EUR) stands at PKR 305.76 for buying and PKR 307.21 for selling, while the British Pound (GBP) is trading at PKR 358.65 for buying and PKR 360.25 for selling. The Japanese Yen (JPY) remains relatively stable, with buying and selling rates at PKR 1.85 and PKR 1.91, respectively. In the Middle Eastern currencies, the UAE Dirham (AED) is being bought at PKR 75.87 and sold at PKR 76.35, and the Saudi Riyal (SAR) is trading at PKR 74.08 for buying and PKR 74.55 for selling.
Compared to the previous day, August 16, 2024, the PKR has experienced minor fluctuations against these currencies. The USD saw a negligible increase, with the buying rate rising slightly from PKR 279.37 to PKR 279.40, while the selling rate remained constant. The Euro has shown a more significant rise, with the buying rate increasing from PKR 304.07 to PKR 305.76, and the selling rate climbing from PKR 305.38 to PKR 307.21. Similarly, the GBP has appreciated, with the buying rate moving up from PKR 355.55 to PKR 358.65, and the selling rate increasing from PKR 357.07 to PKR 360.25.
The Japanese Yen witnessed a slight decrease in its buying and selling rates, dropping from PKR 1.87 to PKR 1.85 and from PKR 1.92 to PKR 1.91, respectively. The AED and SAR rates have remained largely unchanged, reflecting stability in the exchange rates for these currencies.
These fluctuations highlight the ongoing volatility in the currency market, influenced by global economic conditions, local economic policies, and market sentiment. Market participants are advised to stay informed and exercise caution in their currency dealings.
As the PKR continues to navigate these fluctuations, the coming days will be crucial in determining its trend against the major currencies, with potential implications for trade and economic stability in Pakistan.
