KARACHI, September 16, 2024 – The foreign exchange market opened on Monday, September 16, 2024, reflecting the closing rates from September 14, 2024, as the market remained closed on Sunday. The exchange rates for major currencies saw slight fluctuations, influenced by global market dynamics and domestic demand for foreign currencies.
The US Dollar (USD) currency, a key driver of economic trends in Pakistan, was recorded at Rs278.9 for buying and Rs280.75 for selling. This minor movement in the exchange rate reflects a stable trend in the market, with moderate demand from importers and slight inflows from remittances contributing to the currency’s performance.
The British Pound Sterling (GBP) currency traded at Rs364.6 for buying and Rs368.1 for selling, marking a steady trend as traders kept a close watch on international market shifts. The Euro (EUR) saw similar stability, with the buying rate at Rs307.9 and the selling rate at Rs310.65, driven by continued trade relations between Pakistan and European Union countries.
The Middle Eastern currencies, which play a significant role due to remittances from Pakistani expatriates, also remained relatively stable. The Saudi Riyal (SAR) currency was traded at Rs74.08 for buying and Rs74.63 for selling, while the UAE Dirham (AED) stood at Rs75.7 for buying and Rs76.35 for selling. These currencies are crucial in the context of remittance flows, especially from the Gulf region, which contributes significantly to Pakistan’s foreign exchange reserves.
Among other significant currencies, the Australian Dollar (AUD) was recorded at Rs186.25 for buying and Rs188.5 for selling. The Canadian Dollar (CAD), another key currency due to the presence of a large Pakistani diaspora in Canada, was seen at Rs205.6 for buying and Rs208 for selling.
Asian currencies like the Chinese Yuan (CNY) and the Japanese Yen (JPY) also showed steady performance, with the Yuan trading at Rs38.25 for buying and Rs38.65 for selling, and the Yen recorded at Rs1.93 for buying and Rs1.99 for selling.
Overall, the foreign exchange market in Pakistan continues to be influenced by a combination of international economic factors and domestic liquidity conditions. The exchange rates are crucial for businesses involved in imports and exports, as well as for individuals sending or receiving remittances. The stability seen today offers some relief to traders and investors, especially as global markets experience volatility.
