Karachi, October 17, 2024 – The currency market in Pakistan began its trading session today with stable yet varied fluctuations across different foreign currencies. These rates are a reflection of open market trading and showcase how various currencies are performing against the Pakistani rupee.
The US dollar (USD) remains a key focus for traders and businesses alike, opening at PKR 277.9 for buying and PKR 279.4 for selling. This marginal rise from previous sessions is being watched closely as the rupee continues to face pressure amidst global economic changes and domestic fiscal challenges.
The British pound sterling (GBP) continues to demonstrate its strength, with buying at PKR 361.3 and selling at PKR 364.8. The euro (EUR), another vital currency for Pakistan’s import-export dynamics, is trading at PKR 300.95 for buying and PKR 303.7 for selling. The rising costs of importing goods from the Eurozone may have a noticeable impact on trade balances in the coming months.
Among regional currencies, the Indian rupee (INR) remains relatively low, trading at PKR 3.34 for buying and PKR 3.45 for selling. This remains stable despite occasional fluctuations influenced by regional market dynamics.
The Australian dollar (AUD) is being traded at PKR 185.75 for buying and PKR 188 for selling, while the Canadian dollar (CAD) is standing at PKR 201.6 for buying and PKR 204 for selling. Meanwhile, the Chinese yuan (CNY) – essential for Pakistan’s trade with its biggest partner – is trading at PKR 38.88 for buying and PKR 39.28 for selling.
The Gulf currencies, vital for remittances, have also maintained relatively stable positions. The Saudi riyal (SAR) is trading at PKR 73.6 for buying and PKR 74.15 for selling, while the UAE dirham (AED) stands at PKR 75.35 for buying and PKR 76 for selling. The Kuwaiti dinar (KWD) remains one of the most valuable currencies, trading at PKR 897.5 for buying and PKR 907 for selling.
Investors and market participants are expected to monitor the forex rates closely, as global factors such as inflation, oil prices, and geopolitical tensions continue to influence the currency exchange landscape. As Pakistan grapples with economic challenges, the rupee’s performance in the foreign exchange market will remain a critical aspect of economic stability.