Karachi, October 12, 2024 – The foreign exchange market in Pakistan opened today with updated currency rates across a range of international currencies. As of Saturday, October 12, 2024, the Pakistani rupee showed relative stability amid varying global economic conditions.
The US Dollar (USD), which remains the most traded currency in Pakistan’s exchange market, was being bought at PKR 278.25 and sold at PKR 279.75. This represents a steady trend as the USD continues to fluctuate slightly against the Pakistani Rupee.
The Euro (EUR), one of the strongest currencies in global markets, was traded at PKR 302.05 for buying and PKR 304.8 for selling. The exchange rate of the UK Pound Sterling (GBP) currency also remained robust, with a buying rate of PKR 360.35 and a selling rate of PKR 363.85. Both European currencies are maintaining their strength as international economies navigate inflationary pressures and geopolitical uncertainties.
Other significant currencies like the Canadian Dollar (CAD) currency and Australian Dollar (AUD) also saw relatively stable exchange rates. The CAD was being bought at PKR 202.6 and sold at PKR 205, while the AUD stood at PKR 186.75 for buying and PKR 188.86 for selling.
In the Gulf region, the currencies of oil-rich nations such as the Kuwaiti Dinar (KWD) and Omani Riyal (OMR) continue to trade at high values. The Kuwaiti Dinar remains the strongest currency in the world, with a buying rate of PKR 898 and a selling rate of PKR 907.5. Meanwhile, the Omani Riyal was being bought at PKR 716.67 and sold at PKR 725.17.
The Saudi Riyal (SAR) and the UAE Dirham (AED) — widely used by Pakistani expatriates in the Middle East — were traded at PKR 73.65 for buying and PKR 74.2 for selling (SAR), and PKR 75.4 for buying and PKR 76.05 for selling (AED). These currencies are critical for remittances sent back to Pakistan, a key driver of foreign reserves for the country.
Other notable currencies include the Chinese Yuan (CNY), which was bought at PKR 39.6 and sold at PKR 40, reflecting the ongoing trade and investment relationships between Pakistan and China. The Japanese Yen (JPY) saw a buying rate of PKR 1.92 and a selling rate of PKR 1.98, remaining relatively low due to its traditionally weaker valuation against the dollar.
As Pakistan continues to grapple with economic challenges, currency exchange rates remain a critical aspect of international trade and finance, influencing prices of imports, exports, and overall economic stability.