Karachi, August 18, 2024 – The Exchange Companies Association of Pakistan (ECAP) has announced the currency exchange rates for today, August 18, 2024. These rates highlight the value of the Pakistani Rupee (PKR) against several major international currencies in the open market, offering an insight into the fluctuations and trends within the currency market.
The U.S. Dollar (USD) opened at a buying rate of PKR 279.44 and a selling rate of PKR 280.40, showing a slight increase from the previous day’s buying rate of PKR 279.40, while the selling rate remained unchanged. The Euro (EUR) saw a more notable rise, opening at a buying rate of PKR 306.92 and a selling rate of PKR 307.32, compared to yesterday’s rates of PKR 305.76 and PKR 307.21, respectively.
The British Pound (GBP) continued its upward trajectory, with today’s buying rate at PKR 360.32 and selling at PKR 362.12. This represents an increase from the previous day’s rates of PKR 358.65 and PKR 360.25, respectively. The Japanese Yen (JPY) showed a minor appreciation, opening at PKR 1.86 for buying and PKR 1.92 for selling, up slightly from yesterday’s rates of PKR 1.85 and PKR 1.91.
Among the Gulf currencies, the UAE Dirham (AED) opened at a buying rate of PKR 75.92 and a selling rate of PKR 76.35, maintaining stability in the selling rate while witnessing a marginal increase in the buying rate from yesterday’s PKR 75.87. The Saudi Riyal (SAR) followed a similar trend, with today’s buying rate at PKR 74.14 and selling at PKR 74.55, showing a slight increase from the previous day’s buying rate of PKR 74.08.
The fluctuations observed in the currency exchange rates reflect ongoing market dynamics influenced by both domestic and international economic factors. The U.S. Dollar’s steady position suggests resilience amidst global market pressures, while the Euro and British Pound’s gains indicate a strengthening in their respective economies against the PKR.
The marginal appreciation of the Japanese Yen and Gulf currencies like the AED and SAR points towards subtle shifts in investor confidence and demand within these regions. As market participants closely monitor these developments, the ongoing adjustments in the currency exchange rates are expected to have implications for trade, remittances, and overall economic stability in Pakistan.