Pakistan’s economy has been facing a lot of ups and downs in recent years. One of the key indicators of the country’s economic health is the exchange rate of its currency against foreign currencies, particularly the US Dollar. On Saturday, June 24, 2023, the exchange rate of one US Dollar against Pakistani Rupees in the local and open market was recorded at Rs 290, while the selling rate was traded at Rs 292.5.
| Currency | Sign | Buying | Selling |
| US Dollar | USD | 290 | 292.5 |
| Euro | EUR | 317 | 320 |
| UK Pound Sterling | GBP | 368 | 371 |
| U.A.E Dirham | AED | 80.8 | 80.8 |
| Saudi Riyal | SAR | 76 | 76.5 |
| Australian Dollar | AUD | 202 | 204 |
| Bahrain Dinar | BHD | 763.63 | 771.63 |
| Canadian Dollar | CAD | 226 | 228 |
| China Yuan | CNY | 40.28 | 40.58 |
| Danish Krone | DKK | 41.16 | 41.56 |
| Hong Kong Dollar | HKD | 36.6 | 36.95 |
| Indian Rupee | IND | 3.48 | 3.58 |
| Japanese Yen | JPY | 2 | 2.08 |
| Kuwaiti Dinar | KWD | 934.05 | 943.05 |
| Malaysian Ringgit | MYR | 62.42 | 63.02 |
| New Zealand Dollar | NZD | 179.06 | 181.06 |
| Norwegians Krone | NOK | 25.67 | 25.97 |
| Omani Riyal | OMR | 740.5 | 748.5 |
| Qatari Riyal | QAR | 78.37 | 79.07 |
| Singapore Dollar | SGD | 218 | 220 |
| Swedish Korona | SEK | 26.36 | 26.66 |
| Swiss Franc | CHF | 314.07 | 316.57 |
| Thai Bhat | THB | 8.21 | 8.36 |
This news is likely to be of great interest to businesses and individuals who deal with foreign currencies, as well as those who are planning to travel abroad. The exchange rate of a country’s currency is an important factor that determines its competitiveness in international trade. In Pakistan, the exchange rate of the Pakistani Rupee has been fluctuating for quite some time now. This is partially due to the country’s current account deficit, which has resulted in a shortage of foreign currency reserves.
The exchange rate of the Pakistani Rupee against the US Dollar is also influenced by several other factors, such as inflation, political instability, and global economic conditions. In recent years, Pakistan has seen a rise in inflation, which has put pressure on the value of its currency. Moreover, the country has faced political uncertainty, which has also contributed to the volatility of its exchange rate.
Despite these challenges, Pakistan’s government has been taking steps to stabilize the economy and strengthen the value of its currency. The country’s central bank, the State Bank of Pakistan, has been working to maintain a stable exchange rate by buying and selling foreign currencies on the open market. The government has also implemented policies to attract foreign investment and increase exports, which could help boost the country’s foreign currency reserves and improve the exchange rate of the Pakistani Rupee.
It is important to note that the exchange rate of a currency can vary depending on the location and the exchange company or bank involved in the transaction. Therefore, it is essential for individuals and businesses to do their research and compare rates before engaging in any foreign currency transactions.
In addition to the US Dollar, the exchange rates of other foreign currencies such as the UK Pound Sterling, European Euro, UAE Dirham, Saudi Riyal, and others are also closely watched by businesses and individuals in Pakistan. These rates can have a significant impact on the cost of goods and services imported into the country, as well as the value of remittances received from abroad.
In conclusion, the exchange rate of the Pakistani Rupee against the US Dollar is a crucial indicator of the country’s economic health and competitiveness. While it has been volatile in recent years due to various internal and external factors, the government has been taking steps to stabilize it and attract foreign investment. Individuals and businesses should be aware of the fluctuating exchange rates and do their research before engaging in any foreign currency transactions.
