Karachi, September 24, 2024 – The currency exchange market in Pakistan opened today with varied rates across different currencies, reflecting both global economic trends and local market conditions. As businesses and individuals look to exchange currencies for international trade, travel, and remittances, these rates are a critical reference point.
The US Dollar (USD) currency, which remains the most commonly traded currency in Pakistan, opened with a buying rate of PKR 279.25 and a selling rate of PKR 280.75. The value of the dollar has remained relatively stable compared to previous weeks, but slight fluctuations are anticipated due to global market conditions, including interest rate adjustments by the Federal Reserve and broader geopolitical factors.
The Euro (EUR) currency stands as one of the higher-valued currencies in the market, with a buying rate of PKR 308 and a selling rate of PKR 310.75. The Euro’s strength is largely influenced by ongoing economic developments in the European Union, including inflationary pressures and energy costs, which continue to affect its performance.
The UK Pound Sterling (GBP) currency, another significant currency for trade and foreign exchange in Pakistan, opened today with a buying rate of PKR 367.5 and a selling rate of PKR 371. The Pound has witnessed moderate fluctuations in recent weeks due to economic uncertainty in the UK, including inflation concerns and policy changes by the Bank of England.
Among the Gulf currencies, the Saudi Riyal (SAR) and the UAE Dirham (AED) are important due to the large Pakistani expatriate population in the Middle East. The Saudi Riyal is currently being bought at PKR 74.08 and sold at PKR 74.63, while the UAE Dirham stands at a buying rate of PKR 75.7 and a selling rate of PKR 76.3.
Other notable currencies include the Canadian Dollar (CAD), trading at PKR 204.7 for buying and PKR 207.1 for selling, and the Australian Dollar (AUD), with rates of PKR 188.25 for buying and PKR 190.5 for selling.
Currencies from the Asia-Pacific region, including the Japanese Yen (JPY) and Chinese Yuan (CNY), show relatively modest values, with the Yen trading at PKR 1.93 for buying and PKR 1.99 for selling, and the Yuan at PKR 38.25 for buying and PKR 38.65 for selling.
The exchange rates will likely fluctuate throughout the day based on trading volumes, central bank policies, and international market trends. For the most accurate and up-to-date rates, market participants are advised to monitor the open market closely.
