KARACHI, August 20, 2024 – The currency exchange rates in Pakistan showed varied movements on Tuesday, August 20, 2024. The US Dollar (USD) maintained a stable position, opening with a buying rate of PKR 279.6 and a selling rate of PKR 280.3.
The stability of the dollar is seen as crucial for Pakistan’s import and export balance, particularly amidst ongoing economic challenges.
The Euro (EUR) currency witnessed a slight increase, trading at PKR 306.4 for buying and PKR 308.6 for selling. This rise in the Euro reflects broader trends in the global market, where the Euro has been gaining strength against several other currencies.
The British Pound Sterling (GBP) currency remained strong, with buying and selling rates at PKR 360 and PKR 362.3, respectively. The strength of the Pound can be attributed to the UK’s resilient economic performance, despite global uncertainties.
The Australian Dollar (AUD) opened with a buying rate of PKR 185.65 and a selling rate of PKR 189.25. Similarly, the Canadian Dollar (CAD) was quoted at PKR 202.65 for buying and PKR 207 for selling, showing minor fluctuations in comparison to the previous day’s rates.
Among the Gulf currencies, the Kuwaiti Dinar (KWD) remained the highest-valued currency against the Pakistani Rupee, with buying at PKR 905.45 and selling at PKR 910.6. The Bahraini Dinar (BHD) and Omani Riyal (OMR) also maintained strong positions, with BHD trading at PKR 734 for buying and PKR 739.5 for selling, and OMR at PKR 723.4 for buying and PKR 728.5 for selling.
The Chinese Yuan (CNY) was stable, with rates at PKR 38.29 for buying and PKR 38.69 for selling, reflecting steady trade relations between Pakistan and China. The Japanese Yen (JPY), on the other hand, saw little movement, trading at PKR 1.97 for buying and PKR 1.98 for selling.
The UAE Dirham (AED) and Saudi Riyal (SAR) also showed stability, with the AED trading at PKR 75.9 for buying and PKR 76.32 for selling, and the SAR at PKR 73.82 for buying and PKR 74.52 for selling. These currencies are particularly significant due to the large Pakistani diaspora in the Gulf region.
Other currencies like the Malaysian Ringgit (MYR), Singapore Dollar (SGD), and Swiss Franc (CHF) showed minimal changes, reflecting stable international relations and market conditions.
Overall, the currency exchange market in Pakistan on August 20, 2024, exhibited a mix of stability and slight fluctuations, with major currencies like the USD, EUR, and GBP remaining steady, while others showed minor variations. The ongoing global economic conditions continue to influence these rates, making it essential for traders and businesses to stay informed.
