Karachi, November 12, 2024 – The open market currency exchange rates for major foreign currencies against the Pakistani Rupee (PKR) were updated at the start of trading today, reflecting ongoing fluctuations in the currency market amid evolving economic conditions.
The Pakistani Rupee’s performance today highlights the continued pressure on the currency in light of recent economic developments. The exchange rate for the US Dollar (USD) stands at Rs 277.4 for buying and Rs 278.9 for selling, indicating a stable yet elevated rate as compared to recent weeks. This steady rate reflects a cautious approach by currency traders, amid concerns over potential adjustments due to international market dynamics.
Other major currencies also saw a range of exchange rates against the PKR. The Euro (EUR) is trading at Rs 295.4 for buying and Rs 298.15 for selling, showing the Rupee’s relative weakness against the Euro, as the European currency remains strong in global markets. Meanwhile, the British Pound (GBP) commands a notable premium, exchanging at Rs 355.8 for buying and Rs 359.3 for selling. This trend underscores the Pound’s persistent strength and its impact on import costs and remittances to the UK.
Currencies of neighboring Gulf nations maintain a solid exchange rate, reflecting the demand for these currencies due to the large Pakistani expatriate workforce in the region. The Saudi Riyal (SAR) is trading at Rs 73.65 for buying and Rs 74.2 for selling, while the UAE Dirham (AED) stands at Rs 75.35 and Rs 76, respectively. Meanwhile, the Kuwaiti Dinar (KWD) and Bahraini Dinar (BHD) continue to reflect high exchange values against the PKR, with rates of Rs 894.99 and Rs 731.21 for buying, respectively.
Other global currencies such as the Australian Dollar (AUD) and Canadian Dollar (CAD) are exchanging at Rs 182.64 and Rs 199.7 for buying, respectively, displaying moderate strength. In Asia, the Chinese Yuan (CNY) holds at Rs 38.58 for buying, a crucial rate given Pakistan’s trade relations with China.
The fluctuating rates reflect both domestic economic challenges and international market trends. The State Bank of Pakistan and financial experts continue to monitor these changes closely, as currency volatility influences Pakistan’s trade balance, inflation, and economic outlook. Traders and businesses are advised to stay updated as rates shift frequently in response to economic pressures and policy decisions in key trading partner nations.
