Karachi, October 21, 2024 – The foreign currency exchange rates in Pakistan have shown a steady trend as the new trading week begins, with moderate fluctuations observed in both buying and selling rates across a range of major currencies.
As of Monday, October 21, 2024, the rates at the open market reflect the ongoing volatility and demand patterns driven by international economic conditions and domestic factors.
The US Dollar (USD) continues to dominate Pakistan’s foreign exchange market, with a buying rate of PKR 277.75 and a selling rate of PKR 279.25. Despite external pressure on Pakistan’s economy, the US Dollar remains relatively stable as both imports and remittances play a significant role in the demand for dollars in the local market.
The Euro (EUR), another key currency for Pakistani traders and importers, stands at PKR 300.95 for buying and PKR 303.7 for selling. The Euro’s slight increase in value is largely attributed to fluctuations in the Eurozone economy, impacting international trade and investments involving European markets.
Meanwhile, the British Pound Sterling (GBP) has seen a notable position in the exchange market, trading at PKR 360.4 for buying and PKR 363.9 for selling. The Pound’s strength reflects the ongoing challenges and dynamics in the UK’s economy post-Brexit, which continues to influence its foreign exchange value globally.
Other significant currencies like the Canadian Dollar (CAD) and the Australian Dollar (AUD) have shown relative stability, with the CAD being bought at PKR 201.65 and sold at PKR 204.05, while the AUD stands at PKR 185.25 for buying and PKR 187.5 for selling. These rates highlight ongoing trade relations between Pakistan and these economies, particularly in agricultural commodities and services.
Middle Eastern currencies, including the Kuwaiti Dinar (KWD) and the Saudi Riyal (SAR), also hold firm positions in the market. The Kuwaiti Dinar remains strong, with a buying rate of PKR 896.87 and a selling rate of PKR 906.37, reflecting the high demand for the currency due to labor remittances and trade agreements. Similarly, the Saudi Riyal is being bought at PKR 73.55 and sold at PKR 74.1, maintaining its influence due to Hajj and Umrah travel-related transactions.
Overall, today’s exchange rates offer insight into Pakistan’s foreign currency market trends, influenced by global economic shifts, domestic demand, and international trade relationships. These rates are subject to change as market conditions evolve throughout the day.