Foreign Currency Exchange Rates in Pakistan Today, July 21, 2023: Dollar, Euro, Pound, and Rial Rates

On July 21, 2023, Pakistan’s foreign currency exchange rates have been a topic of interest as the country seeks to maintain its financial stability amidst the global economic landscape. The open market rates for US Dollar (USD), Saudi Riyal (SAR), UK Pound Sterling (GBP), UAE Dirham (AED), and European Euro (EUR) are closely monitored by investors, traders, and businesses alike. In this article, we will provide a comprehensive overview of the latest exchange rates and their potential impact on the Pakistani economy.

Foreign Currency Exchange Rates in Pakistan (July 21, 2023)

The Pakistan Foreign Exchange Association has released the foreign currency exchange rates in the open market as of 9:28 AM local time. Let’s take a closer look at the rates:

1. United States Dollar (USD)

• Buying Power (PP): 320
• Exchange Rate (%): 323

2. Euro (EUR)

• Buying Power (PP): 373.5
• Exchange Rate (%): 379

3. British Pound (GBP)

• Buying Power (PP): 78.7
• Exchange Rate (%): 79.7

4. United Arab Emirates Dirham (AED)

• Buying Power (PP): 76.4
• Exchange Rate (%): 77.4

5. Saudi Riyal (SAR)

• Buying Power (PP): 198.5
• Exchange Rate (%): 201

Notable Exchange Rates of Other Currencies

Apart from the major currencies mentioned above, here are some notable exchange rates of other currencies against the Pakistani Rupee (PKR):

Impact on the Pakistani Economy

Foreign currency exchange rates play a crucial role in shaping a country’s economic landscape. Fluctuations in exchange rates can impact various sectors, including trade, tourism, and investments. Let’s explore the potential impact of the current exchange rates on the Pakistani economy:

1. Imports and Exports: A weaker PKR against major currencies like the USD and EUR may lead to increased import costs, which could affect the prices of goods and services in the country. However, it may also boost exports, making Pakistani products more competitive in international markets.
2. Remittances: Pakistan is one of the top recipients of remittances from its overseas diaspora. A favorable exchange rate may encourage higher remittances, which can contribute significantly to the country’s foreign exchange reserves.
3. Foreign Investment: A stable and attractive exchange rate can attract foreign investors to the Pakistani market, leading to increased foreign direct investment (FDI). This can spur economic growth and create employment opportunities.

Related Article: Currency Exchange Rates in Pakistan Today – July 13, 2023

Conclusion

As of July 21, 2023, the foreign currency exchange rates in Pakistan’s open market have been fluctuating. The rates for major currencies like the US Dollar, Euro, British Pound, UAE Dirham, and Saudi Riyal play a vital role in shaping the country’s economic landscape. It is essential for investors, businesses, and policymakers to closely monitor these rates and their potential impact on various sectors of the economy. By keeping abreast of the exchange rate fluctuations, Pakistan can better position itself to achieve economic stability and growth in the global financial landscape.