Karachi, October 10, 2024 – The currency exchange rates in Pakistan for Thursday, October 10, 2024, have been released, reflecting the beginning of the trading day in the open market. The US Dollar continues to be a focal point of attention amid ongoing volatility in the global financial markets. Below is an analysis of key currency movements and trends shaping the market.
The US Dollar (USD) currency remains steady, with a buying rate of PKR 278.25 and a selling rate of PKR 279.75. The ongoing strength of the dollar has been a result of global inflationary pressures, particularly from rising oil prices and tightening monetary policies in the United States. Analysts are watching closely as Pakistan’s foreign exchange reserves continue to be impacted by the dollar’s robust demand.
The Euro (EUR) currency has also been gaining ground, with its buying rate at PKR 303.1 and selling rate at PKR 305.85. The euro’s rise can be attributed to improving economic conditions in the Eurozone, although concerns about inflation in major European economies continue to cast a shadow over its future movements.
In the Middle Eastern currency segment, the Kuwaiti Dinar (KWD) currency, traditionally the highest-valued currency in the market, remains strong, with buying at PKR 898.75 and selling at PKR 908.25. Similarly, the Omani Riyal (OMR) and Bahrain Dinar (BHD) show stability, trading at PKR 716.75 and PKR 732, respectively, for buying rates.
The UK Pound Sterling (GBP) currency, reflecting continued uncertainty from post-Brexit economic adjustments and inflation in the UK, trades with a buying rate of PKR 361.6 and a selling rate of PKR 365.1. Meanwhile, the Canadian Dollar (CAD) and the Australian Dollar (AUD) remain stable in the face of global commodity market changes, with buying rates of PKR 204.6 and PKR 186.75, respectively.
In Asia, the Chinese Yuan (CNY) continues to trade moderately, buying at PKR 39.6, while the Indian Rupee (INR) and Japanese Yen (JPY) remain at lower levels, with buying rates of PKR 3.34 and PKR 1.92, respectively. These currencies reflect the broader economic performance of their respective countries.
Overall, the foreign exchange market in Pakistan reflects a mix of stability and caution, with the rupee holding steady against major currencies but facing long-term pressure from international economic developments. Traders and investors will be watching these trends closely as the day progresses.