Karachi: On Wednesday, October 23, 2024, the open market in Pakistan began trading with updated currency exchange rates, showcasing movements in various global currencies.
The foreign exchange market in the country remains highly dynamic, reflecting both local economic conditions and international currency trends.
The US Dollar (USD) currency, which plays a pivotal role in Pakistan’s foreign trade, is trading with a buying rate of PKR 277.3 and a selling rate of PKR 278.8. The stable yet high valuation of the dollar continues to impact Pakistan’s import-heavy economy, influencing prices of essential commodities and fuel.
The Euro (EUR), another major currency, is being bought at PKR 298.05 and sold at PKR 300.8. The Euro has seen an uptick in recent weeks due to strengthening European markets, making it one of the higher-valued currencies against the Pakistani Rupee. Similarly, the British Pound Sterling (GBP) remains strong, with a buying rate of PKR 358.1 and a selling rate of PKR 361.6.
The Canadian Dollar (CAD) and the Australian Dollar (AUD) continue to perform steadily, reflecting the global commodity market trends. The CAD is being bought at PKR 200.35 and sold at PKR 202.75, while the AUD is trading with a buying rate of PKR 185.25 and a selling rate of PKR 187.91.
Currencies from the Middle East are also holding firm positions. The Kuwaiti Dinar (KWD), one of the strongest currencies globally, is being bought at PKR 897.37 and sold at PKR 906.87. Meanwhile, the Saudi Riyal (SAR) is trading at PKR 73.55 for buying and PKR 74.1 for selling, and the UAE Dirham (AED) stands at PKR 75.25 for buying and PKR 75.9 for selling.
Asian currencies, like the Chinese Yuan (CNY) and Japanese Yen (JPY), remain relatively lower in comparison. The CNY is being bought at PKR 38.88 and sold at PKR 39.28, while the JPY, one of the more affordable currencies, is trading at PKR 1.92 for buying and PKR 1.98 for selling.
The fluctuation in currency rates has a direct impact on Pakistan’s economy, particularly influencing its import costs and foreign reserves. Market analysts expect further movements in the exchange rates, driven by both internal economic pressures and international market trends. Traders and businesses are advised to monitor these fluctuations closely as the currency market remains volatile, and even slight changes can significantly impact trade dynamics in the country.