Karachi, September 8, 2024 – The currency exchange rates in Pakistan opened today showing the closing rates from Saturday, September 7, 2024, as the market remains closed on Sunday due to the weekly holiday.
Foreign currency rates have become a key focus in Pakistan’s financial market due to the country’s fluctuating economic conditions, influencing trade, remittances, and investments.
US Dollar (USD) continues to hold significant importance in Pakistan’s economy, with the buying rate at PKR 278.75 and selling at PKR 280.25. The exchange rate between the rupee and the dollar plays a vital role in shaping the country’s inflation, import costs, and overall economic health.
The British Pound Sterling (GBP), another critical currency for Pakistan due to its large expatriate population in the UK, recorded a buying rate of PKR 365.00 and a selling rate of PKR 368.50. The continued strength of the pound against the rupee reflects the UK’s robust economy, which has remained largely stable in 2024.
The Euro (EUR), a major currency for trade with the European Union, saw a buying rate of PKR 307.75 and a selling rate of PKR 310.50. Given Pakistan’s growing trade relations with Europe, the euro’s fluctuations have a direct impact on the cost of imports, especially in sectors like pharmaceuticals and machinery.
In the Middle East, where millions of Pakistanis work and send remittances home, currencies like the Saudi Riyal (SAR) and UAE Dirham (AED) continue to influence the local economy. The Saudi Riyal’s exchange rate today is PKR 74.00 (buying) and PKR 74.55 (selling), while the UAE Dirham stands at PKR 75.65 (buying) and PKR 76.30 (selling). These currencies are crucial for remittances, which form a significant part of Pakistan’s foreign exchange reserves.
The Kuwaiti Dinar (KWD) and Omani Riyal (OMR), the highest valued currencies in the Gulf, are being exchanged at PKR 905.50 (buying) and PKR 915.00 (selling) for the dinar, and PKR 722.40 (buying) and PKR 730.90 (selling) for the riyal.
Currencies from other global markets like the Australian Dollar (AUD), Canadian Dollar (CAD), and Japanese Yen (JPY) also remain in focus, reflecting trends in global trade and investment.
With global and local economic conditions continually evolving, currency exchange rates remain volatile and crucial for both traders and individuals alike. As the Pakistani rupee continues to struggle against major global currencies, the impact on inflation, purchasing power, and international trade becomes increasingly evident.
