As of Friday, October 20, 2023, the exchange rate between the United States Dollar (USD) and the Pakistani Rupee (PKR) has been a matter of significant interest for those engaged in international trade, travel, or investment. The exchange rate stands at Rs 279.25 for buying and Rs 282 for selling in both the local and open markets.
However, it’s crucial to emphasize that exchange rates are not static; they are influenced by a multitude of factors, including global economic conditions, political events, and local market dynamics. In this article, we will delve into the exchange rates for various foreign currencies in Pakistan’s open market, providing you with the most up-to-date information.
Understanding Exchange Rates
Exchange rates serve as the bedrock for international trade and financial transactions. They represent the value of one country’s currency concerning another. In the context of Pakistan, the exchange rate between the USD and PKR is of primary interest, as the USD is a widely used international currency. Understanding how exchange rates work is crucial for businesses and individuals engaged in cross-border transactions.
Exchange Rates in Pakistan on October 20, 2023
As of today, here are the exchange rates for various foreign currencies in Pakistan’s open market:
Currency Exchange Rates:
- Euro (EUR):
- Buying Rate: Rs 293.1
- Selling Rate: Rs 296.1
- UK Pound Sterling (GBP):
- Buying Rate: Rs 341.7
- Selling Rate: Rs 345.1
- U.A.E Dirham (AED):
- Buying Rate: Rs 75.5
- Selling Rate: Rs 76.25
- Saudi Riyal (SAR):
- Buying Rate: Rs 73.4
- Selling Rate: Rs 74.1
- Australian Dollar (AUD):
- Buying Rate: Rs 174
- Selling Rate: Rs 175
- Bahrain Dinar (BHD):
- Buying Rate: Rs 740
- Selling Rate: Rs 748
- Canadian Dollar (CAD):
- Buying Rate: Rs 201
- Selling Rate: Rs 203
- China Yuan (CNY):
- Buying Rate: Rs 38.56
- Selling Rate: Rs 36.98
- Danish Krone (DKK):
- Buying Rate: Rs 35
- Selling Rate: Rs 36
- Hong Kong Dollar (HKD):
- Buying Rate: Rs 36
- Selling Rate: Rs 37.28
- Indian Rupees (INR):
- Buying Rate: Rs 3.46
- Selling Rate: Rs 3.57
- Japanese Yen (JPY):
- Buying Rate: Rs 1.88
- Selling Rate: Rs 1.95
- Kuwaiti Dinar (KWD):
- Buying Rate: Rs 906
- Selling Rate: Rs 915
- Malaysian Ringgit (MYR):
- Buying Rate: Rs 59.62
- Selling Rate: Rs 60.22
- New Zealand Dollar (NZD):
- Buying Rate: Rs 163.31
- Selling Rate: Rs 165.31
- Norwegian Krone (NOK):
- Buying Rate: Rs 25
- Selling Rate: Rs 26
- Omani Riyal (OMR):
- Buying Rate: Rs 727
- Selling Rate: Rs 726
- Qatari Riyal (QAR):
- Buying Rate: Rs 76
- Selling Rate: Rs 77
- Singapore Dollar (SGD):
- Buying Rate: Rs 198
- Selling Rate: Rs 200
- Swedish Krona (SEK):
- Buying Rate: Rs 25
- Selling Rate: Rs 26
- Swiss Franc (CHF):
- Buying Rate: Rs 309
- Selling Rate: Rs 312
- Thai Baht (THB):
- Buying Rate: Rs 7.66
- Selling Rate: Rs 7.81
Market Dynamics
It’s essential to keep in mind that these exchange rates are not fixed. They are subject to continuous fluctuations due to various market dynamics and foreign currency demands. These rates are updated at 09:00 AM on Pakistan Standard Time (PST) and may change throughout the day.
Exchange rates are influenced by a myriad of factors, including:
- Economic Indicators: Key economic indicators such as inflation, GDP growth, and employment rates can significantly impact exchange rates.
- Political Events: Political stability and government policies play a crucial role in shaping exchange rate movements.
- Market Sentiment: Traders’ perceptions and sentiments about a particular currency can drive short-term fluctuations.
- Supply and Demand: The balance between the supply and demand for a currency in the foreign exchange market is a fundamental factor.
- Global Events: Events on the global stage, such as international trade agreements or conflicts, can affect exchange rates.
Conclusion
Exchange rates play a vital role in the global economy, influencing trade, investment, and travel. Staying informed about the latest exchange rates is crucial for businesses and individuals engaged in international transactions. As of October 20, 2023, the exchange rates in Pakistan’s open market are dynamic and subject to change throughout the day. Keeping an eye on market dynamics and economic indicators is essential for making informed decisions in the world of international finance.
