Karachi, August 25, 2024 – The currency exchange market in Pakistan saw moderate activity on Sunday, August 25, 2024, with various foreign currencies experiencing slight fluctuations against the Pakistani Rupee (PKR).
The exchange rates reflected below are based on buying and selling in the open market, providing insights into the current market trends for traders and individuals engaging in foreign exchange transactions.
The US Dollar (USD) currency, one of the most closely watched currencies in Pakistan, was trading at a buying rate of PKR 279.10 and a selling rate of PKR 280.00. This narrow spread indicates a relatively stable market sentiment towards the greenback, suggesting that there has not been a significant shift in demand or supply.
In contrast, the UK Pound Sterling (GBP) currency showed higher volatility with a buying rate of PKR 363.41 and a selling rate of PKR 367.71. This larger spread might reflect uncertainties surrounding the British economy or differing market views on the GBP’s future value.
Among other major currencies, the Euro (EUR) currency was observed trading at a buying rate of PKR 309.40 and a selling rate of PKR 311.89, indicating its continued strength against the PKR. The Swiss Franc (CHF), known for its stability, was also robust with a buying rate of PKR 324.00 and a selling rate of PKR 328.94.
The Gulf currencies, particularly the Kuwaiti Dinar (KWD) and the Omani Riyal (OMR), remained among the highest in value against the Pakistani Rupee. The KWD was bought at PKR 903.45 and sold at PKR 908.53, while the OMR stood at PKR 723.13 for buying and PKR 727.21 for selling. These rates reflect the strong economic ties and significant remittance flows between Pakistan and the Gulf states.
On the Asian front, the Chinese Yuan (CNY) showed minor movement, trading at a buying rate of PKR 38.25 and a selling rate of PKR 38.65. The Indian Rupee (INR) was relatively lower, with a buying rate of PKR 3.34 and a selling rate of PKR 3.45, a reflection of the broader economic dynamics in South Asia.
The Australian Dollar (AUD) and Canadian Dollar (CAD) also saw some activity, with the AUD being bought at PKR 185.25 and sold at PKR 189.83, and the CAD at PKR 202.65 for buying and PKR 207.00 for selling.
Overall, the currency exchange rates on this day indicate a mix of stability and moderate fluctuation across different currencies, influenced by global economic conditions, regional developments, and market expectations. Traders and businesses will continue to monitor these rates closely, especially in light of upcoming economic data releases and potential policy shifts in major economies.
As always, individuals looking to exchange currencies should consider these rates carefully and stay informed about market trends to make well-informed decisions.
