Karachi, December 23, 2024 – The currency exchange rates in Pakistan opened the week with notable movements on Monday, reflecting the latest trends in the open market. Here is a summary of the exchange rates for major currencies, which provide insights into the trading dynamics in the country.
The US Dollar (USD) currency remained a focal point for traders, opening with a buying rate of PKR 277.95 and a selling rate of PKR 279.45. This marginal stability comes amid global economic pressures and domestic challenges influencing forex reserves and trade balances.
The UK Pound Sterling (GBP) currency continued its upward trajectory, trading at a buying rate of PKR 349.05 and a selling rate of PKR 352.55. The high valuation of the Pound underscores its strong position in the international market and its attractiveness as a reserve currency.
Among the Gulf currencies, the Kuwaiti Dinar emerged as the strongest, with a buying rate of PKR 896.01 and a selling rate of PKR 905.51. Meanwhile, the Saudi Riyal (SAR) and UAE Dirham (AED) currency traded at buying rates of PKR 73.75 and PKR 75.40, respectively, and selling rates of PKR 74.30 and PKR 76.05. These currencies maintain consistent demand due to Pakistan’s extensive trade and remittance links with the Gulf countries.
In the Asian market, the Chinese Yuan (CNY) recorded a buying rate of PKR 37.99 and a selling rate of PKR 38.39, reflecting China’s continued influence on regional trade. The Japanese Yen (JPY), often considered a safe haven currency, stood at a buying rate of PKR 1.85 and a selling rate of PKR 1.91.
Among European currencies, the Euro (EUR) was traded at a buying rate of PKR 287.25 and a selling rate of PKR 290.00, while the Swiss Franc (CHF) followed closely at buying and selling rates of PKR 310.12 and PKR 312.92, respectively. These figures highlight the resilience of European currencies amidst economic challenges.
The Australian Dollar (AUD) and Canadian Dollar (CAD) maintained their positions with buying rates of PKR 174.75 and PKR 195.60, and selling rates of PKR 177.00 and PKR 198.00, respectively, reflecting moderate demand from the Pacific region.
These exchange rates are subject to fluctuations based on international market dynamics, geopolitical developments, and domestic monetary policies. Traders and businesses are advised to monitor these changes closely to make informed financial decisions.