On Saturday, October 7, 2023, the open market exchange rates for various foreign currencies against the Pakistani Rupee (PKR) were recorded and updated at 09:00 AM Pakistan Standard Time (PST). These currency rates reflect the ongoing fluctuations in global financial markets, influenced by both domestic and international economic factors.
As per the latest data, the US Dollar (USD) continued to hold a strong position in the open market, being bought at PKR 278.50 and sold at PKR 281.50. The dollar remains the most actively traded foreign currency in Pakistan and plays a central role in determining the country’s import-export cost dynamics.
Among other key foreign currencies, the Saudi Riyal (SAR) was observed trading at a buying rate of PKR 74.20 and a selling rate of PKR 75.00, while the UAE Dirham (AED) was available at PKR 76.20 for buying and PKR 77.00 for selling. These Gulf currencies are closely tied to remittances from overseas Pakistani workers and have shown stable trends over the past few weeks.
European foreign currencies, meanwhile, showed noticeable strength. The Euro (EUR) was recorded at PKR 293.00 (buying) and PKR 296.00 (selling), reflecting ongoing stability in the eurozone. The British Pound (GBP) maintained its high value, trading at PKR 338.00 for buying and PKR 342.00 for selling. These foreign exchange rates highlight the persistent demand for stronger Western currencies in the Pakistani market.
Other notable foreign currencies include the Japanese Yen (JPY), trading at PKR 1.55 to PKR 1.62, and the Swiss Franc (CHF), available between PKR 311.36 and PKR 313.86. The Australian Dollar (AUD) and Canadian Dollar (CAD) stood at buying/selling rates of PKR 176.00/179.00 and PKR 202.00/205.00, respectively.
Regionally, the Indian Rupee (INR) traded at PKR 3.46 to PKR 3.57, while the Chinese Yuan (CNY) showed significant range, fluctuating between PKR 40.00 and PKR 44.00.
It’s important for businesses and travelers to monitor these foreign currency rates regularly, as market conditions change frequently. Exchange rate trends play a crucial role in shaping import costs, foreign investments, and overall economic stability in Pakistan.