In the latest update from the currency market, the open market exchange rates of major foreign currencies against the Pakistani Rupee (PKR) were released on Sunday, October 31, 2021.
The data was published at 09:19 AM Pakistan Standard Time and reflects the early trends of trade activity at currency exchange counters nationwide.
The exchange market in Pakistan is a critical component of the financial system, directly influencing import costs, overseas remittances, travel expenses, and foreign investment flows. On this particular day, the exchange rates showed minor fluctuations as compared to the previous week, largely driven by regional developments, global oil prices, and dollar demand in the local market.
The US Dollar (USD), one of the most actively traded foreign currencies, opened at a buying rate of PKR 171 and a selling rate of PKR 172.70. The British Pound (GBP) maintained its position as one of the strongest currencies in the market, trading between PKR 235.50 and PKR 238. The Euro (EUR) was quoted at buying and selling rates of PKR 197 and PKR 199, respectively.
Among the Gulf currencies, the Saudi Riyal (SAR) and the UAE Dirham (AED) continued to remain steady, reflecting consistent remittance inflows. SAR was trading between PKR 45.50 and PKR 46, while AED stood between PKR 48 and PKR 48.50. The Kuwaiti Dinar (KWD) and Omani Riyal (OMR), being high-value currencies, were also holding strong at exchange rates above PKR 480 and PKR 392, respectively.
In the Asia-Pacific region, moderate movements were observed. The Australian Dollar (AUD) hovered between PKR 127.50 and PKR 129.50, while the Japanese Yen (JPY) saw marginal variation, trading between PKR 1.41 and PKR 1.44.
Currency dealers noted that the exchange market is expected to remain volatile in the coming days due to rising international commodity prices and speculation over upcoming monetary policy decisions by global central banks.
As always, these rates are subject to change depending on market dynamics, demand and supply pressures, and geopolitical developments. For the most accurate and up-to-date foreign exchange information, traders and the public are advised to consult authorized dealers and financial institutions.