Karachi, November 5, 2024 – As the trading day began, Pakistan’s open market experienced moderate fluctuations in various foreign exchange rates. The currency market in Pakistan has been closely watched amid ongoing shifts in the global economic landscape, which have impacted the buying and selling rates for foreign currencies. Here’s a summary of the key rates observed today.
The US dollar, a major global currency and one of the most actively traded in Pakistan, opened at a buying rate of PKR 277.35 and a selling rate of PKR 278.85. The stability of the dollar’s rate is crucial as it is used widely in international trade, and minor fluctuations in its value can impact import and export costs.
The British pound sterling, another significant currency for Pakistani traders, was quoted at PKR 358.20 for buying and PKR 361.70 for selling. The GBP’s position reflects its traditional strength, and any fluctuations often mirror economic activities in the UK, impacting Pakistani imports from the region.
The Euro, the official currency for the European Union and widely used in Pakistani-European transactions, stood at PKR 300.65 for buying and PKR 303.40 for selling. The Euro has remained relatively stable, though traders are cautious about economic conditions in the EU that could impact future rates.
Among the Gulf currencies, which are particularly important due to the high volume of remittances from Pakistanis working in the Middle East, the Saudi Riyal (SAR) was valued at PKR 73.65 for buying and PKR 74.20 for selling, while the UAE Dirham (AED) opened at PKR 75.35 for buying and PKR 76 for selling. The Kuwaiti Dinar (KWD), considered one of the highest-valued currencies globally, was strong at PKR 897.37 for buying and PKR 906.87 for selling.
The Australian Dollar (AUD) and Canadian Dollar (CAD) were available for buying at PKR 182.29 and PKR 200.16, respectively, with selling rates slightly higher. These currencies are crucial for trade and investment flows between Pakistan and countries like Australia and Canada, where significant Pakistani diasporas reside.
Asian currencies also saw some activity. The Japanese Yen (JPY) opened at PKR 1.92 for buying and PKR 1.98 for selling, while the Chinese Yuan (CNY) stood at PKR 38.58 for buying and PKR 38.98 for selling. China’s economic relations with Pakistan, particularly through the China-Pakistan Economic Corridor (CPEC), make the Yuan a closely observed currency.
These rates are subject to market trends and can shift throughout the day as trade volumes and demand fluctuate.
