Karachi, October 11, 2024 – As the trading week begins, the open market in Pakistan has announced the latest currency exchange rates for Friday, October 11, 2024. These rates reflect the buying and selling prices of various international currencies against the Pakistani rupee, as the currency exchange market continues to respond to both global economic trends and domestic economic factors.
The US Dollar (USD), which remains the most frequently traded currency in Pakistan, has shown relative stability, with a buying rate of PKR 278.25 and a selling rate of PKR 279.75. This slight variation from the previous day suggests a continued balance in demand and supply, with traders and businesses keeping a close watch on the dollar amidst global inflationary pressures and shifts in the Federal Reserve’s monetary policies.
The Euro (EUR) is trading higher at PKR 302.50 for buying and PKR 305.25 for selling, reflecting the Eurozone’s ongoing economic recovery and the broader implications of interest rate adjustments by the European Central Bank. The UK Pound Sterling (GBP) remains strong against the rupee as well, standing at PKR 361.50 for buying and PKR 365.00 for selling. This increase points to the strength of the British economy and higher demand for the currency in Pakistan’s foreign exchange market.
Among the Middle Eastern currencies, the Kuwaiti Dinar (KWD) continues to be the highest-valued currency against the Pakistani rupee, with a buying rate of PKR 898.60 and a selling rate of PKR 908.10. Similarly, the Bahraini Dinar (BHD) and the Omani Riyal (OMR) are also trading at significant values of PKR 732.20 and PKR 740.20, and PKR 716.67 and PKR 725.17 for buying and selling, respectively.
The Chinese Yuan (CNY), as a currency of growing influence due to the China-Pakistan Economic Corridor (CPEC) and increased trade between the two nations, is trading at PKR 39.60 for buying and PKR 40.00 for selling.
These rates are subject to fluctuations throughout the day as trading activities continue, with the exchange market reacting to both domestic and international financial developments. Traders, investors, and businesses will keep an eye on these rates as they plan their financial transactions and trade decisions.
Stay tuned for further updates on currency trends in Pakistan as the market evolves.