Karachi, August 19, 2024 – The currency market in Pakistan saw notable fluctuations as it opened for trading on Monday, August 19, 2024. The US Dollar (USD) maintained its strong position, opening at a buying rate of PKR 279.7 and selling at PKR 280.4.
This consistent performance of the Dollar continues to reflect global economic conditions and the prevailing demand for foreign currency in the domestic market.
The Euro (EUR) opened with a buying rate of PKR 303.5 and a selling rate of PKR 305.7, showing a stable trend as compared to last week. The Euro’s position indicates the current dynamics in the European markets, which are balancing post-pandemic recovery efforts with inflation concerns.
The British Pound Sterling (GBP) also remained strong, with a buying rate of PKR 357.9 and a selling rate of PKR 360.1. The Pound’s strength is a reflection of the UK’s ongoing efforts to navigate economic challenges post-Brexit, coupled with investor confidence in the currency.
Among the Gulf currencies, the Kuwaiti Dinar (KWD) remained the highest-valued currency, opening at PKR 905.45 for buying and PKR 910.6 for selling. The Bahraini Dinar (BHD) and Omani Riyal (OMR) followed, with buying rates of PKR 738.2 and PKR 723.4, respectively. These currencies continue to be favored due to their stability and the economic strength of their respective countries.
In the Asian currency market, the Chinese Yuan (CNY) opened at a buying rate of PKR 38.25 and a selling rate of PKR 38.65. The Indian Rupee (INR) was relatively low, with a buying rate of PKR 3.34 and a selling rate of PKR 3.45, reflecting India’s ongoing economic challenges.
The Australian Dollar (AUD) and Canadian Dollar (CAD) showed moderate strength, with buying rates of PKR 183.9 and PKR 202.9, respectively. These currencies are often influenced by commodity prices and international trade relations, which have shown some volatility in recent weeks.
Overall, the opening rates on August 19, 2024, present a mixed picture for traders and investors. While major currencies like the USD and GBP continue to perform well, there are visible fluctuations in other currencies, reflecting broader economic trends and geopolitical developments. Traders and investors will be closely monitoring these rates as they navigate the complexities of the foreign exchange market in the coming days.
