On Saturday, May 27, 2023, the open market exchange rates for a range of foreign currencies against the Pakistani Rupee (PKR) were released at 07:00 AM Pakistan Standard Time (PST). These currency rates, based on the latest market conditions, reflect the continuous changes in the demand and supply of international currencies within Pakistan.
The US Dollar (USD), which remains the most influential foreign currency in Pakistan’s financial markets, was being bought at PKR 307.00 and sold at PKR 310.00. The dollar’s consistent strength against the rupee signals ongoing pressure on Pakistan’s foreign exchange reserves and import costs.
Among other frequently traded foreign currencies, the Saudi Riyal (SAR) stood at PKR 82.00 for buying and PKR 83.00 for selling, while the UAE Dirham (AED) was available at PKR 84.50 and PKR 85.50. These Gulf region currencies are closely tied to remittances from overseas Pakistani workers, particularly in the Middle East, and remain in steady demand.
European foreign currencies reflected high values in the market. The Euro (EUR) traded between PKR 331.00 (buying) and PKR 335.00 (selling), while the British Pound (GBP) was exchanged at PKR 381.30 and PKR 385.30, respectively. These rates emphasize the strength of the eurozone and UK economies, and their impact on international currency exchanges in Pakistan.
Additional foreign currency rates included the Japanese Yen (JPY) at PKR 2.15 (buying) and PKR 2.20 (selling), and the Swiss Franc (CHF) ranging from PKR 316.34 to PKR 318.84. The Australian Dollar (AUD) traded at PKR 199.75 to PKR 203.75, while the Canadian Dollar (CAD) was observed at PKR 225.25 for buying and PKR 229.25 for selling.
From a regional standpoint, the Indian Rupee (INR) was available at PKR 3.45 to PKR 3.75, and the Chinese Yuan (CNY) showed a wider margin, trading between PKR 45.50 and PKR 48.50.
These updated foreign currency exchange rates provide a vital snapshot of Pakistan’s financial landscape. Monitoring currency rates is essential for importers, exporters, travelers, and investors, as foreign currency trends influence trade costs, inflation, and overall economic stability.