Karachi, October 16, 2024 – Pakistan’s currency market opened today with notable fluctuations across various international currencies, reflecting both global trends and local market dynamics.
As of Wednesday morning, the exchange rates for several major currencies, including the US Dollar, Euro, and British Pound, have slightly shifted in response to economic developments and geopolitical factors.
Starting with the most closely watched currency, the US Dollar (USD) continues its steady trend against the Pakistani Rupee (PKR), with a buying rate of PKR 278 and a selling rate of PKR 279.5. The dollar’s strength is being driven by ongoing inflation concerns in global markets, as well as a stronger-than-expected performance of the US economy. However, the narrow range suggests relative stability for the local currency in the short term.
The Euro (EUR), a key currency in Pakistan’s import-export business, is currently being bought at PKR 301.75 and sold at PKR 304.5. Europe’s mixed economic performance and persistent inflationary pressures have impacted the euro’s value against the rupee, though it remains an attractive currency for investors due to its liquidity.
Meanwhile, the British Pound Sterling (GBP) has also experienced slight fluctuations, with a buying rate of PKR 360.7 and a selling rate of PKR 364.2. The pound’s volatility can be attributed to uncertainty in the UK economy post-Brexit, coupled with shifting global trade policies.
In the Gulf region, the Saudi Riyal (SAR) and the UAE Dirham (AED), both vital currencies for Pakistan’s remittance economy, continue to trade steadily. The Saudi Riyal is available for PKR 73.6 on the buying side and PKR 74.15 on the selling side, while the UAE Dirham stands at PKR 75.35 for buying and PKR 76 for selling. Stability in oil prices has maintained these currencies’ resilience in the market.
Among other currencies, the Canadian Dollar (CAD) is currently being bought at PKR 202.8 and sold at PKR 205.2, while the Australian Dollar (AUD) stands at PKR 186.89 and PKR 189.14 for buying and selling, respectively.
As the global economy faces inflationary challenges and geopolitical uncertainties, these fluctuations in exchange rates will likely continue to impact Pakistan’s import-dependent economy, particularly in sectors like energy and food imports.
Traders, importers, and consumers should remain vigilant, as currency movements could affect prices of goods in the local market in the coming days.