Karachi, January 16, 2025 – As trading opens on Friday, January 17, 2025, the currency exchange rates for various currencies in Pakistan have been updated, reflecting fluctuations in both the interbank and open markets.
These currency exchange changes influence trade, travel, and foreign remittances, offering valuable insight into the country’s financial dynamics.
The US Dollar (USD) currency, a key driver of the Pakistani rupee, is trading at a buying rate of Rs. 279.5 and a selling rate of Rs. 281. This stability is critical for imports and debt repayment. Meanwhile, the Saudi Riyal (SAR), essential for Pakistani pilgrims heading to Saudi Arabia, is being bought at Rs. 74.2 and sold at Rs. 74.75.
The Euro (EUR) has seen a slight increase, with buying and selling rates at Rs. 287.75 and Rs. 290.5, respectively. This rise could impact trade relations with the European Union. Similarly, the UK Pound Sterling (GBP) remains one of the highest-value currencies, trading at Rs. 342 for buying and Rs. 345.5 for selling.
Among regional currencies, the Chinese Yuan (CNY) is trading at Rs. 37.59 for buying and Rs. 37.99 for selling, reflecting its significance in trade under the China-Pakistan Economic Corridor (CPEC). The U.A.E Dirham (AED) is steady at Rs. 75.85 for buying and Rs. 76.5 for selling, supporting robust trade links with the UAE.
Currency fluctuations are closely monitored by businesses and individuals engaged in international transactions. The depreciation or appreciation of key currencies like the USD, SAR, and AED directly affects Pakistan’s import bills and foreign reserves. Additionally, expatriate Pakistanis, who send billions of rupees in remittances annually, play a significant role in stabilizing the local currency.
Experts predict that the Pakistani rupee will face further pressure if global oil prices continue to rise or external debt payments increase. On the flip side, increased remittances during the year-end holiday season and strategic inflows from bilateral agreements could provide temporary relief to the rupee.
In conclusion, the currency exchange rates remain a crucial barometer of Pakistan’s economic health. Regular updates on these rates assist traders, investors, and citizens in navigating the financial landscape more effectively.