As of October 22, 2023, the currency exchange rates in Pakistan present a dynamic landscape for foreign exchange transactions. The forex market in Pakistan is marked by constant fluctuations in exchange rates, making it essential for individuals and businesses engaged in international transactions to stay updated with the latest currency valuations.
In this comprehensive guide, we will delve into the exchange rates of various prominent currencies vis-à-vis the Pakistani Rupee, offering you a detailed insight into the ever-changing world of currency exchange.
World Currency Exchange
US Dollar (USD)
The United States Dollar, a dominant global currency, is currently valued at approximately Rs 280.8 when buying in the local and open market, with a selling rate of about Rs 283.5. These rates, however, are not static and are subject to change based on the specific location and the financial institution facilitating the transaction. Staying updated with real-time exchange rates is crucial when dealing with the US Dollar.
European Euro (EUR)
In Pakistan’s open market, the European Euro is trading at around Rs 295.1 when buying and Rs 298 when selling. This currency is a significant player in international trade and finance. Therefore, understanding the current exchange rate is vital for businesses involved in Eurozone transactions.
UK Pound Sterling (GBP)
The UK Pound Sterling commands a rate of about Rs 342.6 for buying and Rs 346 for selling. This currency is a cornerstone of global commerce and is particularly crucial for trade relations between Pakistan and the United Kingdom. Accurate exchange rates for the Pound are of paramount importance for those conducting business with the UK.
UAE Dirham (AED)
For those engaging in transactions with the United Arab Emirates, the Dirham is valued at Rs 77.5 for buying and Rs 78.5 for selling. Given the strong economic ties between Pakistan and the UAE, understanding the exchange rate for the Dirham is essential for individuals and businesses involved in this bilateral trade.
Saudi Riyal (SAR)
The Saudi Riyal is another prominent currency in the Middle East and is trading at Rs 74.5 (buying) and Rs 75.3 (selling). As Saudi Arabia remains a significant trading partner for Pakistan, knowing the real-time exchange rate for the Riyal is vital for those involved in cross-border transactions.
Additional Currency Exchange Rates
In addition to the major currencies mentioned above, Pakistan’s open market also caters to a wide range of other foreign currencies. Here are the latest exchange rates for some of these currencies:
| Currency | Buying Rate (PKR) | Selling Rate (PKR) |
|---|---|---|
| Australian Dollar (AUD) | 174 | 175 |
| Bahrain Dinar (BHD) | 740 | 748 |
| Canadian Dollar (CAD) | 201 | 203 |
| Chinese Yuan (CNY) | 38.56 | 36.98 |
| Danish Krone (DKK) | 35 | 36 |
| Hong Kong Dollar (HKD) | 36 | 37.28 |
| Indian Rupee (INR) | 3.46 | 3.57 |
| Japanese Yen (JPY) | 1.88 | 1.95 |
| Kuwaiti Dinar (KWD) | 906 | 915 |
| Malaysian Ringgit (MYR) | 59.62 | 60.22 |
| New Zealand Dollar (NZD) | 163.31 | 165.31 |
| Norwegian Krone (NOK) | 25 | 26 |
| Omani Riyal (OMR) | 727 | 726 |
| Qatari Riyal (QAR) | 76 | 77 |
| Singapore Dollar (SGD) | 198 | 200 |
| Swedish Krona (SEK) | 25 | 26 |
| Swiss Franc (CHF) | 309 | 312 |
| Thai Baht (THB) | 7.66 | 7.81 |
Please note that these exchange rates are highly susceptible to constant fluctuations driven by market dynamics and varying demands for foreign currencies. These rates are updated daily at 09:00 AM on Pakistan Standard Time (PST) and can change throughout the day in response to market forces and currency demand.
Conclusion
Staying informed about the latest exchange rates is crucial for anyone engaged in international trade, investment, or travel. These rates play a pivotal role in shaping economic decisions and have a direct impact on businesses, individuals, and the overall economy. For the most accurate and up-to-date information, it is advisable to consult with authorized financial institutions or reliable currency exchange platforms.
