Karachi, June 11, 2023 – The latest exchange rates for foreign currencies against the Pakistani Rupee (PKR) in the open market were updated early Monday morning at 7:00 AM Pakistan Standard Time. These rates offer a snapshot of the day’s buying and selling trends for key international currencies and reflect ongoing fluctuations in foreign currency markets.
The foreign exchange market continues to witness volatility as global economic pressures and domestic demand shape the currency landscape. Currency dealers in Pakistan have reported minor variations in foreign exchange rates compared to previous sessions, influenced largely by international trade flows and remittance inflows.
The US Dollar, which remains the most sought-after foreign currency in Pakistan, opened at a buying rate of Rs300.00 and a selling rate of Rs303.00. The Dollar’s movement continues to reflect foreign investors’ sentiment and the country’s foreign reserves position. Similarly, other major foreign currencies also showed stable to slightly varied rates.
The Saudi Riyal and UAE Dirham, two widely used foreign currencies due to high remittance volumes from the Gulf, opened at Rs79.20 (buying) and Rs80.00 (selling) for SAR, and Rs82.00 (buying) and Rs82.80 (selling) for AED respectively. The Euro and British Pound, representing Europe’s core foreign currencies, were traded at Rs320.00 and Rs373.00 (buying), and Rs323.20 and Rs376.70 (selling) respectively.
Asian currencies like the Japanese Yen, Chinese Yuan, and Indian Rupee also held their positions with marginal fluctuations. These foreign currency rates are closely monitored by importers, exporters, and overseas Pakistanis, as even small changes can significantly affect trade and remittance values.
Analysts say that foreign currency rates in Pakistan are likely to remain under pressure unless there is a significant shift in macroeconomic fundamentals, such as an improvement in foreign exchange reserves, policy reforms, or major inflows from the International Monetary Fund (IMF) or friendly countries.
It is important for the public and businesses to regularly check updated rates, as foreign currency prices may vary within the day due to changing market conditions. Staying informed helps individuals make better decisions when it comes to currency conversion, travel planning, and international transactions.