Karachi, October 3, 2024-The following foreign currency exchange rates were announced today when the market opened in Pakistan. These rates should be of large importance as many types of economic flows are based on it – exports and imports, remittances, etc.
The US Dollar (USD) remains a dominant currency in Pakistan Market buying at a rate of PKR 278.50 and selling at PKR 280. The flow of American currency defines many international operations and transfers, so exchange rates significantly affect the economy. This is mainly due to the fact that the dollar enjoys the privilege of many buyers locally as well as internationally as people keep demanding this currency in the markets therefore the dollar remains quite stable.
The Euro (EUR) also continues to be stable in the Pakistan market. On October 3, the buying value of Euro is PKR 305.70 while the selling value is PKR 308.45. The exchange rate of the Euro in the market is monitored because most European countries have a strong trade relationship with Pakistan. In the same way, in today’s global currency market the UK Pound Sterling (GBP) has valued more than the other hi-tech currencies on our list, with buying rate: PKR 366.85 and selling rate: PKR 370.35.
Other currencies used also in the bilateral transactions include the Indian Rupee (INR) and Chinese Yuan (CNY) used by neighbouring countries. The Indian Rupee has entered at buying rate PKR 3.34 and selling rate PKR 3.45 while the Chinese Yuan has fixed its buying rate at PKR 39.60 for selling at PKR 40. Because these are the rates upon which exports and Imports take place, since China is one of the largest trading partner of Pakistan.
However, among the Gulf currencies, the Kuwaiti Dinar (KWD) is still the most highly valued currency at the buying rate of PKR 898.75 from which selling rate is PKR 908.25. Another most significant positions are also held by Saudi Riyal (SAR) and UAE Dirham (AED) used frequently in Middle Eastern remittances with Pak Rupee buying rates of PKR 73.75 and PKR 75.45.
Such exchange rates are natural due to economic and global financial changes taking place across world while Pakistan too is struggling with its fiscal issues in an increasingly integrated world economy.
| Currency | Buying Rate (PKR) |
Selling Rate (PKR)
|
| US Dollar (USD) | 278.5 | 280 |
| Euro (EUR) | 305.7 | 308.45 |
| UK Pound Sterling (GBP) | 366.85 | 370.35 |
| Indian Rupee (INR) | 3.34 | 3.45 |
| Chinese Yuan (CNY) | 39.6 | 40 |
| Kuwaiti Dinar (KWD) | 898.75 | 908.25 |
| Saudi Riyal (SAR) | 73.75 | 75.45 |
| UAE Dirham (AED) | 75.45 | 77.05 |