Karachi, September 18, 2024 – Pakistan’s open market continues to reflect notable fluctuations in currency exchange rates, as reported today, Wednesday, September 18, 2024.
Due to a public holiday on September 17, 2024, the rates provided are from the closing market on Monday, September 16, 2024. The exchange rates highlight the ongoing dynamics of the global currency market and its effects on Pakistan’s economy.
The US Dollar (USD), the most traded foreign currency in Pakistan, showed a buying rate of PKR 278.9 and a selling rate of PKR 280.75. This steady movement suggests a relatively stable dollar demand and supply situation, with limited volatility noted at the start of the week.
The British Pound Sterling (GBP) continues to trade at higher values compared to most currencies, with a buying rate of PKR 364.6 and a selling rate of PKR 368.1. This reflects the strength of the UK currency in the global market as well as in the local market.
The Euro (EUR), another widely traded currency, recorded a buying rate of PKR 308.55 and a selling rate of PKR 311.3. The ongoing economic developments in the European Union, coupled with inflationary trends, are impacting the exchange rate, which is reflected in the slight increase from the previous weeks.
Among the regional currencies, the United Arab Emirates Dirham (AED) saw buying and selling rates of PKR 75.7 and PKR 76.35, respectively. Similarly, the Saudi Riyal (SAR) was traded at a buying rate of PKR 74.08 and a selling rate of PKR 74.63, showing minimal fluctuations. These rates are of particular significance as a large portion of remittances into Pakistan comes from the Gulf region.
The Australian Dollar (AUD) showed a buying rate of PKR 187.75 and a selling rate of PKR 190, while the Canadian Dollar (CAD) was reported at PKR 206.6 for buying and PKR 209 for selling. Both currencies demonstrated slight stability in comparison to the previous trading sessions.
In Asia, the Chinese Yuan (CNY) posted a buying rate of PKR 38.25 and a selling rate of PKR 38.65, while the Japanese Yen (JPY) was exchanged at PKR 1.93 for buying and PKR 1.99 for selling, signaling consistency in the trade patterns for these currencies.
This week’s currency rates reflect Pakistan’s active engagement in global trade and the influence of international monetary policies on local currency exchanges. Traders and businesses closely monitor these rates as they significantly impact import/export decisions and overall economic activity in the country.
