Karachi, August 8, 2024: The Exchange Companies Association of Pakistan (ECAP) has announced the latest currency exchange rates for today, Thursday, August 8, 2024. These rates represent the value of the Pakistani Rupee (PKR) against several major international currencies in the open market.
Currency Exchange Rates – August 8, 2024
| Currency Name | Buying (PKR) | Selling (PKR) |
|---|---|---|
| USD (U.S. Dollar) | 279.25 | 280.40 |
| EURO (Euro) | 303.55 | 305.30 |
| GBP (British Pound) | 353.66 | 355.46 |
| JPY (Japanese Yen) | 1.86 | 1.92 |
| AED (UAE Dirham) | 75.85 | 76.34 |
| SAR (Saudi Riyal) | 74.08 | 74.54 |
Comparative Analysis with August 7, 2024
| Currency Name | Buying (PKR) | Selling (PKR) |
|---|---|---|
| USD (U.S. Dollar) | 279.24 | 280.40 |
| EURO (Euro) | 303.86 | 305.99 |
| GBP (British Pound) | 354.75 | 357.13 |
| JPY (Japanese Yen) | 1.88 | 1.94 |
| AED (UAE Dirham) | 75.83 | 76.35 |
| SAR (Saudi Riyal) | 74.04 | 74.55 |
Analysis
Today’s exchange rates indicate slight fluctuations compared to the previous day, reflecting ongoing volatility in the foreign exchange market. The Pakistani Rupee (PKR) maintained relative stability against the U.S. Dollar (USD), with the buying rate marginally increasing from 279.24 PKR to 279.25 PKR. However, the selling rate remained constant at 280.40 PKR.
Euro (EUR): The Euro witnessed a minor depreciation, with the buying rate decreasing from 303.86 PKR to 303.55 PKR and the selling rate dropping from 305.99 PKR to 305.30 PKR. This slight decline suggests a temporary ease in demand for the Euro in the local market.
British Pound (GBP): The British Pound experienced a notable decrease, with the buying rate falling from 354.75 PKR to 353.66 PKR and the selling rate reducing from 357.13 PKR to 355.46 PKR. This movement indicates a shift in market sentiment towards the Pound, possibly influenced by international economic factors and Brexit-related uncertainties.
Japanese Yen (JPY): The Japanese Yen also saw a minor decline, with the buying rate decreasing from 1.88 PKR to 1.86 PKR and the selling rate dropping from 1.94 PKR to 1.92 PKR. This change reflects a slight dip in the Yen’s demand or a minor appreciation of the PKR against the Yen.
UAE Dirham (AED) and Saudi Riyal (SAR): Both the UAE Dirham and Saudi Riyal exhibited minimal fluctuations. The AED buying rate increased slightly from 75.83 PKR to 75.85 PKR, while the selling rate decreased from 76.35 PKR to 76.34 PKR. Similarly, the SAR buying rate rose from 74.04 PKR to 74.08 PKR, with the selling rate marginally decreasing from 74.55 PKR to 74.54 PKR.
Conclusion
The PKR’s performance against major currencies on August 8, 2024, highlights the dynamic nature of the forex market. While the USD and SAR showed stability, the Euro, GBP, and JPY experienced slight depreciation. These fluctuations are essential for stakeholders to monitor, as they impact trade, investment, and overall economic stability in Pakistan.
