Karachi, October 2, 2024 – The latest currency exchange rates for Pakistan on Wednesday, October 2, 2024, were announced at the start of the day’s trading session in the open market. These rates, set by authorized exchange dealers, reflect the ongoing fluctuations in global markets, influenced by economic trends, political developments, and regional factors.
The US Dollar (USD) is being bought at PKR 278.5 and sold at PKR 280. As the most widely traded and closely monitored currency in Pakistan, its fluctuations significantly affect various sectors of the economy, especially import-heavy industries such as oil, technology, and machinery. The Pakistani Rupee has seen slight stabilization in recent weeks, but global economic uncertainties continue to pressure the currency.
The British Pound Sterling (GBP) stands at PKR 369.55 for buying and PKR 373.05 for selling, maintaining its status as one of the highest-valued currencies against the Pakistani Rupee. The strength of the Pound is mainly due to the UK’s robust economic performance and its central role in global finance. However, with Brexit’s ongoing effects and fluctuating economic data from the UK, the Pound’s future remains uncertain.
Among other significant currencies, the Euro (EUR) is being bought at PKR 307.75 and sold at PKR 310.5. With the European Union facing mixed economic signals due to inflation and geopolitical tensions, the Euro has exhibited some volatility in recent weeks.
In regional currencies, the UAE Dirham (AED) stands at PKR 75.45 for buying and PKR 76.1 for selling, while the Saudi Riyal (SAR) is trading at PKR 73.75 for buying and PKR 74.3 for selling. These currencies are crucial for Pakistan, given the large number of Pakistani expatriates working in the Gulf countries, whose remittances form a vital part of Pakistan’s foreign exchange reserves.
Other notable rates include the Kuwaiti Dinar (KWD), which remains the highest-valued currency on the list, being bought at PKR 898.75 and sold at PKR 908.25. The Bahraini Dinar (BHD) is also strong, with a buying rate of PKR 732.3 and a selling rate of PKR 740.3.
The fluctuation in exchange rates highlights the intricate dynamics of Pakistan’s economy and its interactions with global markets. Traders and businesses remain cautious as they monitor trends in the international currency landscape.
