Karachi, September 2, 2024 – The foreign currency exchange market in Pakistan opened today with varied movements across major currencies. As trading commenced on Monday, the exchange rates reflected both buying and selling prices, indicating the fluctuating dynamics of the global currency market.
The US Dollar (USD), a crucial benchmark for international trade and finance, opened at a buying rate of 278.65 PKR and a selling rate of 279.75 PKR. The steady demand for the dollar remains a significant factor for importers and investors in Pakistan, reflecting the ongoing economic adjustments within the country.
The Euro (EUR), another widely traded currency, saw its buying rate at 309 PKR and selling rate at 312 PKR. The Euro’s slight strength against the Pakistani Rupee (PKR) today may be influenced by recent economic developments in the Eurozone, which have had a ripple effect on the exchange rates in Pakistan.
The British Pound Sterling (GBP), known for its historical strength, opened with a buying rate of 365.5 PKR and a selling rate of 369 PKR. This substantial rate reflects the continuing demand for the pound, which is often favored in international business transactions.
The Kuwaiti Dinar (KWD), the highest-valued currency unit per face value, stands strong with a buying rate of 903.45 PKR and a selling rate of 908.53 PKR. This currency’s value remains high due to Kuwait’s robust oil-driven economy, making it a premium currency in the foreign exchange market.
In the Middle Eastern currency segment, the Saudi Riyal (SAR) was recorded with a buying rate of 73.8 PKR and a selling rate of 74.4 PKR, while the U.A.E Dirham (AED) showed a buying rate of 75.60 PKR and a selling rate of 76.25 PKR. Both currencies are crucial for expatriates and businesses engaging in transactions within the Gulf region.
Asian currencies also showed diverse movements. The Japanese Yen (JPY), relatively stable today, opened at a buying rate of 1.98 PKR and a selling rate of 1.99 PKR. Meanwhile, the Chinese Yuan (CNY) was trading at a buying rate of 38.25 PKR and a selling rate of 38.65 PKR. The Indian Rupee (INR), another significant currency for cross-border trade, was recorded at a buying rate of 3.34 PKR and a selling rate of 3.45 PKR.
Other currencies, such as the Australian Dollar (AUD), opened at 186.5 PKR for buying and 189.18 PKR for selling, and the Canadian Dollar (CAD) showed a buying rate of 202.65 PKR and a selling rate of 205 PKR.
Today’s exchange rates underscore the complexities of global trade and the interplay of various economic factors affecting currency values. Traders and businesses in Pakistan continue to monitor these rates closely to navigate the ever-changing economic landscape.