Karachi, September 22, 2024 – The currency exchange market in Pakistan opened on Sunday with stable rates reflecting the closing figures from the previous day. A steady fluctuation in the currency market has been observed, with global economic factors influencing the buying and selling rates of major currencies. Below is a summary of key exchange rates for the most commonly traded currencies in Pakistan.
The US Dollar (USD), a key currency in the global market, continues to trade at a buying rate of PKR 279.25 and a selling rate of PKR 280.75. The slight fluctuation in the USD reflects ongoing global economic trends and inflation concerns, which have also influenced its trading in other countries.
The Euro (EUR), another critical currency, is currently trading at PKR 308 for buying and PKR 310.75 for selling. The Euro has seen a minor increase in its exchange rate as compared to last week, driven by economic improvements in the Eurozone.
The British Pound Sterling (GBP), traditionally one of the stronger currencies in Pakistan’s exchange market, is trading at PKR 367.5 for buying and PKR 371 for selling. The GBP’s performance mirrors trends in the global market where fluctuations in the UK’s economy, including inflation and interest rate hikes, are influencing its strength.
For travelers and businesses dealing with the Middle East, the Saudi Riyal (SAR) and UAE Dirham (AED) remain crucial currencies. The Saudi Riyal is trading at PKR 74.08 for buying and PKR 74.63 for selling, while the UAE Dirham stands at PKR 75.7 for buying and PKR 76.3 for selling. These rates have remained fairly stable due to consistent oil prices and strong economic ties between Pakistan and Gulf nations.
The Kuwaiti Dinar (KWD) continues to dominate the highest exchange rate among the listed currencies, with a buying rate of PKR 900.65 and a selling rate of PKR 910.15. Its strength is attributed to Kuwait’s solid economy, backed by its vast oil reserves and a high standard of living.
The Australian Dollar (AUD) is being bought at PKR 188.25 and sold at PKR 190.5, while the Canadian Dollar (CAD) stands at PKR 204.7 for buying and PKR 207.1 for selling. These currencies have shown moderate volatility driven by changes in commodity prices and global trade conditions.
Overall, while there is stability in most currency rates, global economic conditions, inflationary pressures, and geopolitical factors could bring about further shifts in the market in the days to come. Traders and travelers are advised to stay informed of the latest updates in the currency exchange market.