KARACHI – The open market exchange rates for the United States Dollar (USD) against the Pakistani Rupee (PKR) were reported on September 10, 2021.
The buying rate was recorded at Rs 168, while the selling rate stood at Rs 169. These rates are indicative of the exchange value of the USD in the open market and play a crucial role in the dynamics of foreign currency trading.
As of the specified date, the buying rate for one US Dollar in the open market was Rs 168, and the selling rate was Rs 169. These rates signify the amount of PKR needed to purchase one USD and the amount of PKR received when selling one USD, respectively.
The exchange rate for USD to PKR in the open market is subject to fluctuation and is determined by various factors, primarily driven by market forces of supply and demand for foreign currency. The rates are not fixed by any central authority but rather respond to the dynamics of the foreign exchange market.
Factors Influencing USD to PKR Exchange Rates:
1. Market Demand and Supply: The primary factor influencing the USD to PKR exchange rates is the interplay of demand and supply in the open market. If the demand for US Dollars is high, the value of the USD against PKR tends to rise, and vice versa.
2. Economic Indicators: Economic indicators, both domestic and international, play a crucial role in shaping exchange rates. Factors such as inflation rates, GDP growth, and trade balances can impact investor confidence and influence currency values.
3. Interest Rates: Divergence in interest rates between countries can attract or repel investors, affecting currency values. Higher interest rates in one country may attract foreign capital, leading to an appreciation of its currency.
4. Political Stability: Political stability or instability can impact investor confidence and influence the perception of a country’s economic prospects. Countries with stable political environments often attract more foreign investment.
5. Global Events: International events, geopolitical developments, and economic conditions in major economies can have a cascading effect on exchange rates. Global economic uncertainties or geopolitical tensions may lead to currency fluctuations.
The USD to PKR parity reported on September 10, 2021, reflects the prevailing market conditions and the ongoing dynamics of the foreign exchange market. Individuals and businesses engaged in international trade, travel, or investment closely monitor these rates to make informed decisions.
It is important to note that these rates serve as a benchmark, and actual transactions in the open market may occur at slightly different rates due to variations in fees, commissions, and individual dealer pricing strategies.
The State Bank of Pakistan (SBP) and other regulatory authorities keep a close eye on exchange rate movements to ensure market stability and take appropriate measures when necessary. As the global economic landscape evolves, the open market exchange rates will continue to respond to various economic and geopolitical factors, shaping the trajectory of USD to PKR conversions.
