The exchange rate of the UAE Dirham (AED) against the Pakistani Rupee (PKR) saw fluctuations in the open market, reflecting ongoing currency market trends.
As of 8:20 AM Pakistan Standard Time (PST), the buying rate for one UAE Dirham stood at Rs 57.50, while the selling rate was recorded at Rs 58.30.
The buying rate represents the price at which exchange companies or banks purchase UAE Dirhams from customers, whereas the selling rate is the price at which they sell the currency back. These rates are influenced by market forces, including supply and demand dynamics for foreign exchange. The UAE Dirham, being a key currency for trade and remittances, plays a significant role in Pakistan’s foreign exchange market.
Market analysts indicate that the demand for the UAE Dirham remains high due to strong trade and business links between Pakistan and the United Arab Emirates (UAE). Additionally, Pakistani expatriates in the UAE contribute significantly to remittance inflows, impacting the AED/PKR exchange rate.
The fluctuation in UAE Dirham rates is also affected by global economic factors, including oil prices, inflation trends, and interest rate policies in major economies. Experts suggest that any depreciation in the Pakistani Rupee could further increase the cost of purchasing UAE Dirhams, making travel, imports, and business transactions more expensive for Pakistani consumers.
Foreign exchange dealers observe that the UAE Dirham remains one of the most stable currencies in the region, often moving in correlation with the US Dollar due to the UAE’s currency peg system. Given the growing reliance on UAE Dirhams for trade settlements and travel expenses, market participants are closely monitoring any further changes in exchange rates.
As economic conditions evolve, financial experts advise individuals and businesses to stay informed about foreign currency fluctuations, especially concerning the UAE Dirham. Any significant movement in its exchange rate can influence import costs, remittance values, and overall market stability.