Karachi, December 30, 2024 – The open market in Pakistan today displayed fluctuating trends as the country continues to face varying foreign currency exchange demands. The currency US Dollar remained the focal point for traders and investors, opening at a buying rate of PKR 278 and a selling rate of PKR 279.5.
Among other major currencies, the currency British Pound Sterling traded at PKR 348.5 for buying and PKR 352 for selling, reflecting its strong performance against the Pakistani Rupee. The Euro followed suit, with buying and selling rates at PKR 287.4 and PKR 290.15, respectively.
The Gulf currencies, which play a significant role in Pakistan’s remittance-driven economy, also saw steady trends. The Saudi Riyal and UAE Dirham currency, favored by expatriates, were exchanged at PKR 73.8 and PKR 75.4 for buying and PKR 74.35 and PKR 76.05 for selling, respectively. Meanwhile, the Kuwaiti Dinar maintained its status as one of the highest-valued currencies, trading between PKR 896.56 and PKR 906.06.
In the Asian region, the Chinese Yuan was exchanged at PKR 37.99 for buying and PKR 38.39 for selling, showing stable activity. The Japanese Yen remained relatively weaker, with its rates at PKR 1.86 for buying and PKR 1.92 for selling.
Currencies from the European region like the Swiss Franc and Danish Krone also exhibited moderate exchange rates. The Swiss Franc opened at PKR 308.96 for buying and PKR 311.76 for selling, while the Danish Krone traded at PKR 39.15 and PKR 39.55.
The Australian and Canadian Dollars saw consistent demand, with the Australian Dollar trading between PKR 172.75 and PKR 175 and the Canadian Dollar at PKR 193.72 for buying and PKR 196.12 for selling.
Overall, the exchange market reflects stable yet cautious trading activity as Pakistan grapples with economic challenges and fluctuating currency reserves. The exchange rates, subject to global market trends and local demand, are anticipated to see further adjustments in the coming weeks.
Investors and businesses are advised to monitor the forex market closely as it remains sensitive to geopolitical and economic factors affecting currency movements.