KARACHI, June 28, 2022 — The exchange rate of the UAE Dirham (AED) against the Pakistani Rupee (PKR) has been updated in the open market, reflecting the latest foreign currency trading trends. As of 10:35 AM Pakistan Standard Time (PST), the following rates have been recorded:
• Buying Rate: Rs 56.50 per dirham
• Selling Rate: Rs 57.40 per dirham
These rates represent the open market values, where exchange companies and money dealers conduct retail currency transactions. The buying rate refers to the price in rupees that a bank or exchange company offers to purchase one dirham from a customer. Meanwhile, the selling rate is the amount in rupees a customer must pay to buy one dirham from these institutions.
The rupee-dirham exchange rate is determined by market forces—specifically, the supply and demand of foreign currencies. In Pakistan, the dirham holds a significant place due to the strong presence of Pakistani expatriates in the United Arab Emirates who regularly send remittances back home. These remittance flows drive daily demand for the dirham, which in turn influences its value against the rupee in the local currency market.
Currency dealers note that the demand for the dirham typically spikes ahead of holidays, travel seasons, and during periods of increased remittance activity. Such trends can cause fluctuations in the rupee value, especially in the open market where rates are not fixed by the State Bank of Pakistan but instead respond to real-time trading activity.
It is essential for individuals and businesses dealing in foreign exchange to monitor these changes closely, as even slight variations in the rupee-dirham rate can impact import costs, travel expenses, and remittance values. With the dirham trading above Rs 57 for selling, currency analysts advise customers to compare rates across multiple exchange companies to secure the best value.
These updates serve as a crucial reference for travelers, remittance recipients, and forex traders navigating the ever-shifting dynamics of the foreign exchange market in Pakistan.