Karachi, November 1, 2024 – Today, Pakistan’s currency exchange rates in the open market reflect various fluctuations, impacted by both domestic and international market dynamics.
The Pakistani rupee has shown some stability against major global currencies, while changes in buying and selling rates indicate investor sentiment and external economic influences.
The US Dollar (USD), a critical currency for Pakistan’s imports and exports, stands at 277.4 PKR for buying and 278.9 PKR for selling. This slight stability offers some relief amid concerns over inflationary pressures and trade imbalances. The British Pound Sterling (GBP), another major currency, shows a higher value at 357.15 PKR for buying and 360.65 PKR for selling, reflecting the strength of the pound against the rupee.
In the Gulf region, currencies such as the Saudi Riyal (SAR) and the U.A.E Dirham (AED) remain key for Pakistan’s trade and remittances from the Middle East. The Saudi Riyal trades at 73.65 PKR buying and 74.2 PKR selling, while the U.A.E Dirham is at 75.3 PKR buying and 75.95 PKR selling. These rates are crucial, as a significant portion of Pakistan’s foreign remittances comes from expatriates in Saudi Arabia and the UAE, supporting the rupee’s value.
In Asia, the Chinese Yuan (CNY) is also a significant currency for Pakistan due to the China-Pakistan Economic Corridor (CPEC) projects and increased trade between the two countries. The Yuan is traded at 38.88 PKR buying and 39.28 PKR selling. The Japanese Yen (JPY), while lesser in demand compared to the dollar or euro, is priced at 1.92 PKR buying and 1.98 PKR selling.
European currencies have shown robustness against the rupee as well. The Euro (EUR) is valued at 298.3 PKR buying and 301.05 PKR selling, while the Swiss Franc (CHF), known for its safe-haven status, trades at 318.62 PKR buying and 321.42 PKR selling. These rates reflect the eurozone’s current economic stability, contrasting with the challenges faced by the rupee.
Other notable currencies include the Canadian Dollar (CAD) at 200.07 PKR buying and 202.47 PKR selling, and the Australian Dollar (AUD) at 182.75 PKR buying and 185 PKR selling. Both reflect steady trade relations with Pakistan, especially in commodities.
These rates provide insights into the economic interactions between Pakistan and global economies, highlighting the dependence on trade and foreign remittances for currency stability. Daily fluctuations in these rates indicate changing market conditions, which Pakistan monitors closely to manage its currency’s stability and trade balance.