Karachi, August 23, 2024 – The foreign currency exchange rates in Pakistan showed varied movements in the open market as of 7:30 AM today.
The US Dollar (USD) maintained a strong position against the Pakistani Rupee (PKR), with the buying rate at PKR 279.1 and the selling rate at PKR 280. This stability reflects the ongoing demand for the dollar due to its global economic significance and local market conditions.
The Euro (EUR), another major currency, traded at PKR 310 for buying and PKR 312.5 for selling. The Euro’s slight increase in value could be attributed to recent positive economic indicators from the Eurozone, hinting at economic recovery and strength.
The UK Pound Sterling (GBP) was observed at PKR 363 for buying and PKR 367.3 for selling. The British currency continues to be influenced by both global market trends and local economic policies, making it a critical watch for importers and exporters in Pakistan.
In the Middle Eastern currencies, the Saudi Riyal (SAR) was trading at PKR 73.73 for buying and PKR 74.43 for selling. Similarly, the UAE Dirham (AED) showed a stable position with a buying rate of PKR 75.78 and a selling rate of PKR 76.23. The Kuwaiti Dinar (KWD) maintained its high value, being traded at PKR 903.45 for buying and PKR 908.53 for selling, continuing its trend as one of the strongest currencies in the region.
The Australian Dollar (AUD) and Canadian Dollar (CAD) were observed at PKR 181.75 and PKR 185.25, and PKR 202.9 and PKR 207.25 for buying and selling, respectively. These currencies are typically affected by commodity prices, especially in the energy sector, and their current rates suggest a stable demand in the Pakistani market.
Asian currencies also showed steady rates, with the Chinese Yuan (CNY) trading at PKR 38.25 for buying and PKR 38.65 for selling, and the Japanese Yen (JPY) at PKR 1.98 for buying and PKR 1.99 for selling. The Indian Rupee (INR) was relatively low at PKR 3.34 for buying and PKR 3.45 for selling, reflecting regional economic disparities and ongoing geopolitical tensions.
In other currencies, the Swiss Franc (CHF) was valued at PKR 324.52 for buying and PKR 329.48 for selling, and the Malaysian Ringgit (MYR) was at PKR 59.25 for buying and PKR 60.25 for selling. The Qatari Riyal (QAR) and Omani Riyal (OMR) were also noted at PKR 76.44 and PKR 723.13 for buying and PKR 77.14 and PKR 727.21 for selling, respectively.
Overall, the foreign currency market in Pakistan remains influenced by a mixture of global economic conditions, local market demand, and geopolitical factors. Traders and businesses are advised to stay updated with these rates as they continue to fluctuate based on both local and international developments.
