Today, on September 18, 2023, the open market in Pakistan has issued the latest foreign currency exchange rates against the Pakistani Rupee (PKR), updated at 9:00 AM Pakistan Standard Time. These rates are important for traders, businesses, travelers, and remittance recipients as they provide insight into the real-time valuation of various international currencies in the local market.
The US Dollar (USD), one of the most widely traded foreign currencies in Pakistan, continues to remain strong. It is being bought at PKR 294.00 and sold at PKR 297.00. The demand for the dollar, particularly in commercial and personal remittances, plays a major role in determining the dollar’s strength in the open market. High dollar rates typically reflect increased demand or lower local supply, which in turn can affect the cost of imports and inflationary pressures within the country.
In addition, Middle Eastern currencies like the Saudi Riyal (SAR) and UAE Dirham (AED) are closely watched, especially due to the large Pakistani workforce residing in Gulf countries. Today, the SAR is being traded at a buying rate of PKR 79.00 and a selling rate of PKR 79.80, while the AED is available at PKR 82.00 for buying and PKR 82.80 for selling. These rates are significant for families receiving remittances from abroad and for travelers heading to or returning from the Gulf region.
European currencies such as the Euro (EUR) and British Pound (GBP) also play a vital role in shaping Pakistan’s foreign currency landscape. The Euro stands today at PKR 316.00 for buying and PKR 322.00 for selling, while the Pound Sterling is trading at PKR 370.00 and PKR 374.00, respectively. These rates often fluctuate based on global economic indicators, interest rate policies, and geopolitical developments.
Other notable currencies including the Japanese Yen, Swiss Franc, Canadian Dollar, Australian Dollar, and Chinese Yuan also contribute to the overall foreign currency portfolio. Their presence in Pakistan’s market highlights the country’s diverse trade relationships and international financial exposure.
In conclusion, today’s foreign currency rates reflect the ongoing shifts in global economic conditions. Individuals and businesses are advised to stay updated and consult official exchange dealers before carrying out any major currency transactions.