In today’s globalized economy, the exchange rate of a country’s currency plays a pivotal role in determining its economic health and international trade competitiveness. As of Thursday, October 19, 2023, the exchange rate for one US Dollar (USD) against the Pakistani Rupee (PKR) was recorded at PKR 280 in both the local and open markets, with a selling rate of PKR 282. However, it’s essential to note that exchange rates can fluctuate based on various factors, including the location and the specific exchange entity involved in the transaction.
Foreign and Local Currency Exchange Rates:
In Pakistan’s open market, several foreign currencies are traded. Here are the current exchange rates for some major currencies:
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| US Dollar (USD) | PKR 280 | PKR 282 |
| Euro (EUR) | PKR 293 | PKR 296 |
| UK Pound Sterling (GBP) | PKR 341 | PKR 345 |
| UAE Dirham (AED) | PKR 75.5 | PKR 76.25 |
| Saudi Riyal (SAR) | PKR 73.4 | PKR 74.1 |
| Australian Dollar (AUD) | PKR 174 | PKR 175 |
| Bahrain Dinar (BHD) | PKR 740 | PKR 748 |
| Canadian Dollar (CAD) | PKR 201 | PKR 203 |
| China Yuan (CNY) | PKR 38.56 | PKR 36.98 |
| Danish Krone (DKK) | PKR 35 | PKR 36 |
| Hong Kong Dollar (HKD) | PKR 36 | PKR 37.28 |
| Indian Rupee (INR) | PKR 3.46 | PKR 3.57 |
| Japanese Yen (JPY) | PKR 1.88 | PKR 1.95 |
| Kuwaiti Dinar (KWD) | PKR 906 | PKR 915 |
| Malaysian Ringgit (MYR) | PKR 59.62 | PKR 60.22 |
| New Zealand Dollar (NZD) | PKR 163.31 | PKR 165.31 |
| Norwegian Krone (NOK) | PKR 25 | PKR 26 |
| Omani Riyal (OMR) | PKR 727 | PKR 726 |
| Qatari Riyal (QAR) | PKR 76 | PKR 77 |
| Singapore Dollar (SGD) | PKR 198 | PKR 200 |
| Swedish Krona (SEK) | PKR 25 | PKR 26 |
| Swiss Franc (CHF) | PKR 309 | PKR 312 |
| Thai Baht (THB) | PKR 7.66 | PKR 7.81 |
Factors Affecting Exchange Rates:
It’s important to understand that exchange rates are not fixed; they are subject to constant movement. The fluctuations in exchange rates are primarily driven by supply and demand dynamics. When demand for a particular currency is high, its value tends to rise, and conversely, when demand is low, its value may fall.
Exchange rates are also influenced by a range of macroeconomic and geopolitical factors, including interest rates, inflation, political stability, and international trade. Central banks often play a crucial role in managing exchange rates through monetary policies and interventions in the foreign exchange market.
Market Timing:
The forex rates mentioned above are updated at 09:00 AM on Pakistan Standard Time (PST). It’s important to note that exchange rates can change rapidly throughout the day in response to economic news, geopolitical events, and market sentiment. Traders and investors should stay informed and be prepared for these fluctuations.
Conclusion:
Understanding exchange rates is vital for anyone involved in international trade, travel, or finance. The rates mentioned here provide a snapshot of the currency market on October 19, 2023. Keep in mind that exchange rates are dynamic and can change in response to various factors, so it’s essential to stay updated and make informed decisions when dealing with foreign currencies.
