Karachi, September 11, 2024 – The Pakistani currency market opened on Wednesday with a variety of fluctuations in foreign currency exchange rates. This reflects ongoing economic conditions and the interplay between international and local markets.
Currency exchange rates are vital for businesses, importers, exporters, and anyone dealing with international transactions, as they significantly affect trade and economic dynamics.
Key Highlights of the Exchange Rates:
The US Dollar (USD) continues to hold strong against the Pakistani Rupee, with a buying rate of PKR 278.95 and a selling rate of PKR 280.45. This persistent high exchange rate demonstrates the Rupee’s struggles in maintaining its value amidst a global economic slowdown and the country’s balance of payments crisis. The US Dollar remains one of the most traded currencies in the Pakistani open market.
Similarly, the British Pound Sterling (GBP) remains valuable, with buying and selling rates of PKR 365.15 and PKR 368.65, respectively. The ongoing strength of the Pound reflects the stability of the UK’s economic policies and market resilience, providing a key currency for trade and investment, especially in industries like textiles, which have strong ties between the UK and Pakistan.
In the Gulf region, the Kuwaiti Dinar (KWD) stands out as the most valuable currency in Pakistan’s open market. With a buying rate of PKR 905.5 and a selling rate of PKR 915, the Dinar reflects the strength of the Kuwaiti economy, buoyed by oil exports. Other Gulf currencies like the Saudi Riyal (SAR) and UAE Dirham (AED) also remain relatively stable, trading at PKR 74.1/74.65 and PKR 75.7/76.35, respectively, reflecting the high volume of remittances from Pakistani expatriates working in these countries.
The Euro (EUR) maintains its position as a strong currency, with buying and selling rates of PKR 307.85 and PKR 310.6, respectively. European exports to Pakistan, especially machinery and automobiles, continue to influence the demand for Euros in the local market.
Other notable currencies include the Australian Dollar (AUD) trading at PKR 188.35/190.6, the Canadian Dollar (CAD) at PKR 207.45/209.85, and the Chinese Yuan (CNY) at PKR 38.25/38.65, indicating their growing influence in trade and investment.
Overall, the currency market today reflects the global financial landscape, with the Rupee struggling against major international currencies due to internal economic pressures and external financial challenges.
