Karachi, October 28, 2024 – The currency exchange rates in Pakistan today reflect a mixture of stability and minor shifts, impacting businesses, travelers, and the broader economic environment as the week begins. Here’s a look at the latest foreign exchange values on Monday, October 28, 2024.
The US Dollar (USD), the most widely monitored currency, stands at a buying rate of PKR 277.20, with a selling rate of PKR 278.70. Despite continued fluctuations globally due to market pressures, the USD remains relatively steady in the open market, signaling potential stability in remittances and imports. Neighboring India’s currency, the Indian Rupee (INR), trades at PKR 3.34 for buying and PKR 3.45 for selling, holding close to recent levels amid economic recalibrations in the South Asian region.
The European currency, the Euro (EUR), continues to be one of the higher-valued currencies, with a buying rate of PKR 298.20 and a selling rate of PKR 300.95. This rate is expected to impact European import activities and tourism expenditures. Similarly, the British Pound Sterling (GBP) remains robust, trading at PKR 357.15 for buying and PKR 360.65 for selling, influencing investment decisions and cross-border trade between Pakistan and the UK.
Among Middle Eastern currencies, the Kuwaiti Dinar (KWD) remains the strongest, with a buying rate of PKR 896.87 and a selling rate of PKR 906.37. Following it closely, the Bahraini Dinar (BHD) and Omani Riyal (OMR) are also among the highest, trading at PKR 731.21 and PKR 739.21 for BHD and PKR 715.20 and PKR 723.70 for OMR. These rates are particularly significant for Pakistani expatriates working in Gulf countries, as these currencies are frequently remitted to Pakistan for family support and investments.
The Australian Dollar (AUD) and Canadian Dollar (CAD) are trading at PKR 183.75 and PKR 200.60 for buying, with selling rates of PKR 186.00 and PKR 203.00, respectively. These rates are indicative of the broader trading relationship Pakistan shares with these countries, especially in terms of education and employment opportunities for Pakistanis abroad.
Asian currencies like the Chinese Yuan (CNY), Japanese Yen (JPY), and Thai Baht (THB) hold modest but steady positions, impacting trade ties within the region. The CNY is currently at PKR 38.88 for buying and PKR 39.28 for selling, while the JPY trades at PKR 1.92 and PKR 1.98, respectively.
As Pakistan’s economy navigates inflation and currency fluctuations, these exchange rates provide valuable insight into trading dynamics and international partnerships. Businesses and travelers are encouraged to stay informed about these rates, as they influence costs in trade, remittance, and international travel.