Karachi, October 15, 2024 – The latest currency exchange rates for major international currencies in Pakistan have been released as the market opens for trade today. These rates provide a snapshot of the buying and selling trends in the open market as Pakistan navigates a fluctuating global economic landscape.
The US Dollar (USD) currency continues to dominate the market as the most traded currency, with a buying rate of Rs. 278 and a selling rate of Rs. 279.5. This rate has remained relatively stable, reflecting ongoing negotiations between the global and local economies as well as central bank policies. The US Dollar’s performance impacts almost all sectors of Pakistan’s economy, from imports to fuel prices.
The British Pound Sterling (GBP) currency, traditionally one of the stronger currencies, is being traded at Rs. 360.7 for buying and Rs. 364.2 for selling. This marks a slight increase from previous weeks, driven by global market conditions, particularly the developments in the UK’s inflation rates and Brexit-related uncertainties.
The Euro (EUR) is another prominent currency in Pakistan’s exchange market, with its buying rate at Rs. 301.75 and selling at Rs. 304.5. The Euro’s performance reflects broader European economic dynamics, including the monetary policy directions of the European Central Bank and energy pricing in Europe.
Among the Gulf currencies, the Kuwaiti Dinar (KWD) stands as the highest-valued currency against the Pakistani Rupee, with a buying rate of Rs. 897.37 and a selling rate of Rs. 906.87. Similarly, the Bahraini Dinar (BHD) is trading at Rs. 731.21 for buying and Rs. 739.21 for selling. The Omani Riyal (OMR) follows closely, showing stability with a buying rate of Rs. 715.71 and a selling rate of Rs. 724.21. These Gulf currencies are widely used in remittances, playing a crucial role in Pakistan’s foreign reserves.
Other currencies worth noting include the Australian Dollar (AUD), trading at Rs. 186.89 for buying and Rs. 189.14 for selling, and the Canadian Dollar (CAD), which has a buying rate of Rs. 202.8 and a selling rate of Rs. 205.2. Both currencies reflect the robust trade ties between Pakistan and these countries, as well as the movement of Pakistani expatriates.
With a diverse array of currencies in the open market, these rates are instrumental for importers, exporters, and individuals involved in international transactions, shaping the broader economic outlook in Pakistan for the upcoming trading week.