Karachi, October 6, 2024 – The currency exchange market in Pakistan remained steady today as the rates published reflect the closing values from Saturday, October 5, 2024. Since the open market remains closed on Sundays, these figures provide an insight into the trends in major global currencies against the Pakistani Rupee (PKR).
The US Dollar (USD) currency, one of the most closely monitored currencies in the Pakistani market, stood at a buying rate of PKR 278 and a selling rate of PKR 279.5. The slight fluctuations seen throughout the week settled with the dollar maintaining a stable range, reflecting cautious optimism in the local market.
Meanwhile, the British Pound Sterling (GBP) currency continues its strong position against the Pakistani Rupee. It is currently valued at PKR 361.95 for buying and PKR 365.45 for selling. The Euro (EUR) also saw consistent performance, closing at PKR 302.75 for buying and PKR 305.5 for selling.
In the Middle Eastern currencies, the Kuwaiti Dinar (KWD) currency, which is one of the highest-valued currencies in the world, remained strong, being traded at PKR 899.85 for buying and PKR 909.35 for selling. Similarly, the Saudi Riyal (SAR) currency and UAE Dirham (AED) currency, both crucial due to the large number of Pakistani expatriates working in the Gulf countries, remained stable. The SAR closed at a buying rate of PKR 73.65 and a selling rate of PKR 74.3, while the AED traded at PKR 75.4 for buying and PKR 76.05 for selling.
Among other major currencies, the Australian Dollar (AUD) was traded at PKR 187.75 for buying and PKR 190 for selling, while the Canadian Dollar (CAD) closed at PKR 205.5 for buying and PKR 207.9 for selling. The Chinese Yuan (CNY), reflecting the growing economic ties between Pakistan and China, stood at PKR 39.6 for buying and PKR 40 for selling.
The exchange rates provide an essential snapshot of Pakistan’s economic interactions with global markets, influenced by factors such as inflation, import-export balance, and international monetary policies. As the market opens on Monday, traders and investors will closely monitor any shifts or volatility in these rates.
The stability observed in the exchange rates at the close of the previous day bodes well for businesses and consumers, providing some predictability amid global economic uncertainty. However, fluctuations are expected as the market reopens, influenced by geopolitical developments and financial market conditions.