Karachi, September 9, 2024 – The foreign currency exchange rates in Pakistan were reported on Monday, reflecting the closing rates from Saturday as the currency exchange markets remained closed on Sunday.
These rates are indicative of the trading environment in the open market, where buying and selling prices vary according to demand and supply dynamics. Below is a summary of major currencies being traded in Pakistan.
The US Dollar (USD), which is the most widely exchanged foreign currency in Pakistan, saw a buying price of PKR 278.75 and a selling price of PKR 280.25. This slight variation in the USD is indicative of the ongoing market fluctuations that have been influenced by both global economic trends and domestic economic policies.
The British Pound Sterling (GBP) remains one of the highest-valued currencies against the Pakistani Rupee, with a buying rate of PKR 365 and a selling rate of PKR 368.5. The strong value of the Pound reflects its consistent performance in the international markets, particularly due to strong post-pandemic recovery in the UK.
On the other hand, the Euro (EUR), another key currency in the exchange market, was seen trading at PKR 307.75 for buying and PKR 310.5 for selling. The Euro continues to maintain its high value as a result of steady economic conditions in the Eurozone, despite ongoing concerns about inflation and slower-than-expected growth.
The Australian Dollar (AUD) and Canadian Dollar (CAD), important currencies for Pakistani expatriates and trade relations, were reported at PKR 188.25 and PKR 207.35 for buying, respectively. Selling rates for these currencies stood at PKR 190.5 for AUD and PKR 209.75 for CAD.
Among the Gulf currencies, the Kuwaiti Dinar (KWD), which is one of the most expensive currencies globally, was recorded with a buying rate of PKR 905.5 and a selling rate of PKR 915. The Bahraini Dinar (BHD) and Omani Riyal (OMR) also continue to hold their value, trading at PKR 731.1 and PKR 722.4 for buying, respectively.
Other major currencies like the Saudi Riyal (SAR) and the UAE Dirham (AED), commonly used by Pakistani expatriates for remittances, showed moderate stability with the SAR buying at PKR 74 and the AED at PKR 75.65.
Overall, the currency exchange rates in Pakistan reflect a stable market environment with minimal changes in the exchange rates of major foreign currencies. However, any sudden changes in international markets or economic policy shifts could impact these rates in the coming days.
