Karachi, November 13, 2024 – Pakistan’s currency exchange market has opened with updated rates for various international currencies on Wednesday, reflecting fluctuations that impact trade, travel, and foreign exchange reserves. These rates, which are crucial for importers, exporters, and individuals involved in remittance, show both buying and selling prices in the open market.
The US Dollar (USD) remains a focal currency, with buying and selling rates set at PKR 277.4 and PKR 278.9, respectively. The Dollar’s rate is influenced by global demand, Pakistan’s balance of payments, and ongoing policy measures aimed at stabilizing the rupee. The currency’s exchange rate remains sensitive to macroeconomic factors, including foreign debt obligations and remittance inflows, both key influencers in the market.
The Euro (EUR) currency stands strong at PKR 295.4 for buying and PKR 298.15 for selling, reflecting recent trends in the European economy as it copes with its own inflationary pressures and policy adjustments by the European Central Bank. The British Pound (GBP), another widely monitored currency, holds a buying rate of PKR 355.8 and a selling rate of PKR 359.3. The Pound’s higher valuation reflects the strength of the UK economy and its robust export sector, making it a valuable asset for businesses with trade ties to the UK.
Middle Eastern currencies, such as the Saudi Riyal (SAR) currency and the UAE Dirham (AED), are also pivotal for Pakistan, given the significant Pakistani expatriate community in the Gulf region. The Saudi Riyal is buying at PKR 73.65 and selling at PKR 74.2, while the UAE Dirham trades at PKR 75.35 and PKR 76. These rates are directly influenced by remittances, which play a vital role in Pakistan’s foreign exchange reserves and economic stability.
Additionally, other major currencies include the Australian Dollar (AUD), the Canadian Dollar (CAD), and the Japanese Yen (JPY), which also reflect varied buying and selling rates based on global economic trends and the financial policies of their respective countries.
The exchange rates listed are subject to daily fluctuations due to global market dynamics and the local economic landscape. Individuals and businesses should remain aware of these rates, as they can impact costs, savings, and financial planning. As always, consulting with licensed exchange dealers or banks before transactions is recommended to ensure the most accurate and beneficial rates.
