Karachi, October 25, 2024 – As Pakistan’s currency market opened today, the latest exchange rates reflect minor fluctuations against foreign currencies, showcasing the ongoing interplay between economic factors both locally and internationally.
The value of the Pakistani Rupee remains relatively steady against major currencies, but slight adjustments reflect shifts in global demand, oil prices, and policy changes in major economies.
Starting with the US Dollar, a critical currency for trade and international business in Pakistan, the buying rate stands at PKR 277.3, with a selling rate of PKR 278.8. This rate indicates a stable demand for the dollar, though minor increases could suggest a higher need for imports, often driven by seasonal demands and global price movements. The Euro, another significant currency in trade with Pakistan, is currently valued at PKR 297.55 for buying and PKR 300.3 for selling. The steady rate reflects the Eurozone’s economic stability and its ripple effect on the Pakistani market.
In the Middle Eastern currencies, the Bahraini Dinar (BHD) and Omani Riyal (OMR) show strong values, indicating the significance of trade with Gulf Cooperation Council (GCC) countries. The Bahraini Dinar is priced at PKR 732.22 for buying and PKR 740.22 for selling, while the Omani Riyal is at PKR 716.62 for buying and PKR 725.12 for selling. These rates are crucial, as many Pakistanis living in the GCC send remittances back home, with fluctuations impacting the purchasing power of families relying on these funds.
The UK Pound Sterling (GBP), reflecting trends from the British economy and its recent policy shifts, trades at PKR 357.75 for buying and PKR 361.25 for selling. Meanwhile, the Japanese Yen, often considered a safe-haven currency, is valued at PKR 1.92 for buying and PKR 1.98 for selling, reflecting the low-interest environment in Japan and its impact on the currency’s international demand.
Other regional currencies, such as the Chinese Yuan (CNY), Malaysian Ringgit (MYR), and Indian Rupee (INR), have maintained relatively stable rates. The Chinese Yuan trades at PKR 38.88 for buying and PKR 39.28 for selling, underscoring China’s close economic ties with Pakistan through initiatives like the China-Pakistan Economic Corridor (CPEC). Similarly, the Malaysian Ringgit and Indian Rupee trade at PKR 64.13 and PKR 3.34, respectively, for buying.
These rates indicate Pakistan’s strong engagement in both regional and international trade, influenced by global economic policies and local economic conditions. The minor fluctuations seen across the board will likely impact sectors such as manufacturing, technology, and services in the short term.