Today, on Saturday, September 16, 2023, the open market exchange rates for various foreign currencies against the Pakistani Rupee (PKR) have been released. These updated currency values, which were recorded at 9:00 AM Pakistan Standard Time, are essential for traders, travelers, expatriates, and businesses that deal with cross-border transactions.
Among the most closely monitored foreign currencies, the US Dollar (USD) continues to maintain a dominant position in the Pakistani open market. The buying rate for the dollar today is PKR 294.00, while the selling rate stands at PKR 297.00. These rates reflect not only domestic demand and supply conditions but also broader international economic trends and investor sentiment related to the rupee-dollar relationship.
From the Gulf region, the Saudi Riyal (SAR) and the UAE Dirham (AED) remain important due to the high volume of remittances sent to Pakistan. The SAR is being bought at PKR 78.80 and sold at PKR 79.70. Meanwhile, the AED is available at PKR 82.00 on the buying side and PKR 82.80 on the selling side. These currency movements directly affect Pakistani families relying on income from overseas, particularly in the Middle East.
The Euro (EUR) and the British Pound (GBP), two major European foreign currencies, are also seeing active trade in the open market. Today, the Euro is trading at PKR 315.00 (buying) and PKR 319.00 (selling), while the Pound stands at PKR 367.00 and PKR 371.00, respectively. These rates fluctuate in response to developments in European economies, political news, and monetary policy decisions by institutions like the European Central Bank or Bank of England.
Other notable international currencies being exchanged today include the Japanese Yen, Swiss Franc, Danish Krone, Canadian Dollar, and Chinese Yuan. These foreign currency options show Pakistan’s diverse financial connections across Asia, Europe, and North America.
It is important to note that foreign currency rates are not static and can change multiple times a day based on local demand, geopolitical events, and changes in international markets. Anyone engaging in currency exchange is advised to verify live rates from reliable sources before conducting financial transactions.