Karachi, September 20, 2024 – The foreign exchange market in Pakistan began trading on Friday with a diverse range of currency rates reflecting international trends. As the Pakistani economy continues to navigate both domestic and global economic pressures, fluctuations in the value of foreign currencies remain a point of focus for businesses, traders, and the general public alike.
The US dollar (USD) currency maintained its position as one of the most crucial currencies traded in Pakistan. On this day, the US dollar was being bought at PKR 279.20 and sold at PKR 280.70. The dollar’s strength remains critical for Pakistan’s import-dependent economy, influencing the cost of goods and services and shaping inflationary trends. This consistent yet gradual rise in the dollar has kept many on edge as the country grapples with foreign reserves challenges.
Among the other major currencies, the Euro (EUR) currency stood firm, being bought at PKR 308.00 and sold at PKR 310.75. The British Pound Sterling (GBP) also held significant value, trading at PKR 366.60 for buying and PKR 370.10 for selling, reflecting the strength of European currencies in the global market.
The Gulf currencies, which play a vital role in Pakistan’s foreign remittances, also showed strong figures. The Saudi Riyal (SAR) currency was trading at PKR 74.08 for buying and PKR 74.63 for selling. The UAE Dirham (AED) currency stood at PKR 75.70 and PKR 76.30 for buying and selling, respectively. The Kuwaiti Dinar (KWD), known for being one of the most valuable currencies, saw a significant buying rate of PKR 900.65 and a selling rate of PKR 910.15.
Asian currencies, particularly the Chinese Yuan (CNY) and Japanese Yen (JPY), saw more moderate trading values. The Yuan was being traded at PKR 38.25 for buying and PKR 38.65 for selling, while the Yen was trading at PKR 1.93 for buying and PKR 1.99 for selling. These currencies reflect the growing trade relations between Pakistan and East Asia.
In conclusion, the open market currency exchange rates in Pakistan on September 20, 2024, present a snapshot of a dynamic economy in the midst of global changes. With varying rates across regions, businesses and individuals alike continue to watch these shifts closely, particularly as economic reforms and international trade policies evolve.
