KARACHI: The open market exchange rates for various foreign currencies against the Pakistani Rupee (PKR) were released early Wednesday morning, November 2, 2022. As of 9:00 AM (Pakistan Standard Time), updated figures reflect the ongoing volatility and trends in the foreign exchange market.
The US Dollar (USD), which remains the most actively traded foreign currency in Pakistan, was being bought at Rs. 224.50 and sold at Rs. 226.50. These rates continue to highlight the rupee’s pressure under foreign exchange demand, particularly for imports and remittances. The US Dollar has consistently impacted currency rates in Pakistan due to its global dominance and local dependency on dollar-denominated transactions.
The Saudi Riyal (SAR) and the UAE Dirham (AED), both important for Pakistan due to the large expatriate workforce in the Gulf region, also showed stable trading values. The Saudi Riyal was buying at Rs. 62.00 and selling at Rs. 62.62, while the UAE Dirham was buying at Rs. 64.00 and selling at Rs. 64.64. These foreign currencies are closely watched by families receiving remittances from abroad and businesses dealing with the Middle East.
European currencies reflected varying strengths, with the Euro (EUR) standing at Rs. 231.00 for buying and Rs. 233.30 for selling. Meanwhile, the UK Pound Sterling (GBP), one of the highest-valued foreign currencies traded in Pakistan, was buying at Rs. 267.00 and selling at Rs. 269.70. The value of these currencies plays a significant role in determining international education expenses, foreign travel, and import costs.
Asian currencies also remained active in the local exchange scene. The Chinese Yuan (CNY) traded between Rs. 31.00 and Rs. 33.00, while the Japanese Yen (JPY) was lower in value but remained relevant at Rs. 1.54 for buying and Rs. 1.56 for selling.
Currency dealers and financial analysts continue to monitor foreign currency fluctuations closely as they influence domestic inflation, trade balances, and foreign investment flows. These rates, though indicative, may vary slightly based on demand and availability in different cities and exchange centers.
Overall, foreign exchange rates remain a crucial indicator of Pakistan’s economic health and its connection to the global financial system.