Karachi, August 21, 2024 – The open market currency exchange rates in Pakistan for Wednesday, August 21, 2024, indicate a relatively stable yet cautious trend, with minor fluctuations observed in the buying and selling prices of various foreign currencies.
The US Dollar (USD), the most traded currency in the market, opened at a buying rate of PKR 279.7 and a selling rate of PKR 280.4. The slight increase in the selling rate suggests steady demand for the greenback amid ongoing economic uncertainties. The Euro (EUR), another key currency in trade, is being bought at PKR 306.4 and sold at PKR 308.6, reflecting the Eurozone’s economic resilience despite global market volatility.
Among the Gulf currencies, the Kuwaiti Dinar (KWD) remains the highest-valued currency, with a buying rate of PKR 905.45 and a selling rate of PKR 910.6. The Bahraini Dinar (BHD) is also trading strong, with buying and selling rates of PKR 734 and PKR 739.5, respectively. The Omani Riyal (OMR) follows closely, with a buying rate of PKR 723.4 and a selling rate of PKR 728.5. These rates highlight the continued economic strength of the Gulf Cooperation Council (GCC) countries and their currency stability.
The Australian Dollar (AUD) and the Canadian Dollar (CAD) have seen minor fluctuations, with the AUD trading at PKR 185.65 for buying and PKR 189.25 for selling, and the CAD at PKR 202.65 for buying and PKR 207 for selling. These changes reflect global market adjustments in commodity prices, particularly in energy and mining sectors, which significantly impact these currencies.
Asian currencies like the Chinese Yuan (CNY) and the Indian Rupee (INR) are showing stability, with the CNY being bought at PKR 38.29 and sold at PKR 38.69, while the INR is trading at PKR 3.34 for buying and PKR 3.45 for selling. The Japanese Yen (JPY) remains relatively low, with a buying rate of PKR 1.97 and a selling rate of PKR 1.98, consistent with Japan’s ongoing monetary easing policies.
The British Pound Sterling (GBP) continues to be strong, trading at PKR 360 for buying and PKR 362.3 for selling. This strength is indicative of the UK’s steady economic performance post-Brexit, despite challenges in the broader European market.
In summary, today’s exchange rates reflect the broader global economic landscape, with key currencies maintaining their positions amid a cautious trading environment. Market participants are advised to stay informed of any sudden movements in currency values, as global economic conditions continue to evolve.
