On April 15, 2024, if you wanted to exchange US dollars for Pakistani rupees through a bank, the exchange rate was 277.70 PKR for buying and 278.00 PKR for selling. This is what’s called the “interbank” rate, which banks use when they trade currencies among themselves in large amounts.
Now, if you were exchanging dollars in the open market, like at a currency exchange shop or with a money changer, the rates were slightly different. On the same date, the rate was 277.6 PKR for buying and 280.6 PKR for selling.
These rates can vary from the interbank rates because they’re influenced by factors like demand from individuals and small businesses.So, when you’re planning to exchange money, it’s a good idea to check both interbank and open market rates to get the best deal possible for your currency exchange.
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OTHER CURRENCIES
In the open market, the US Dollar is currently being bought at 277.6 PKR and sold at 280.6 PKR. The Euro is available for purchase at 299.95 PKR and selling at 302.9 PKR.
If you’re looking to exchange British Pound, it’s being bought at 349.5 PKR and sold at 353 PKR. Meanwhile, the UAE Dirham is priced at 75.45 PKR for buying and 76.2 PKR for selling.
For those dealing with Saudi Riyal, the buying rate stands at 73.3 PKR and selling rate at 74.05 PKR. The Kuwaiti Dinar is available for purchase at 903.91 PKR and selling at 912.91 PKR.
Canadian Dollar buyers can expect rates around 204 PKR while sellers might fetch around 206.2 PKR. Australian Dollar is priced at 182.7 PKR for buying and 184.5 PKR for selling.
Omani Riyal rates are set at 722.1 PKR for buying and 730.1 PKR for selling. Japanese Yen can be bought at 1.86 PKR and sold at 1.94 PKR.
Malaysian Ringgit is valued at 58.92 PKR for buying and 59.52 PKR for selling. Qatari Riyal buyers can expect to pay around 76.35 PKR while sellers may receive around 77.05 PKR.
Bahrain Dinar is available for purchase at 739.38 PKR and selling at 747.38 PKR. Thai Bhat is priced at 7.61 PKR for buying and 7.76 PKR for selling.
Lastly, the Chinese Yuan can be bought at 38.45 PKR and sold at 38.85 PKR. Hong Kong Dollar buyers can expect rates around 35.57 PKR while sellers might fetch around 35.92 PKR.
Here’s a table displaying the open market currency rates:
| CURRENCY | BUYING | SELLING |
|---|---|---|
| US Dollar | 277.6 | 280.6 |
| Euro | 299.95 | 302.9 |
| British Pound | 349.5 | 353 |
| UAE Dirham | 75.45 | 76.2 |
| Saudi Riyal | 73.3 | 74.05 |
| Kuwaiti Dinar | 903.91 | 912.91 |
| Canadian Dollar | 204 | 206.2 |
| Australian Dollar | 182.7 | 184.5 |
| Omani Riyal | 722.1 | 730.1 |
| Japanese Yen | 1.86 | 1.94 |
| Malaysian Ringgit | 58.92 | 59.52 |
| Qatari Riyal | 76.35 | 77.05 |
| Bahrain Dinar | 739.38 | 747.38 |
| Thai Bhat | 7.61 | 7.76 |
| Chinese Yuan | 38.45 | 38.85 |
| Hong Kong Dollar | 35.57 | 35.92 |
This table provides a clear overview of the buying and selling rates for various currencies in the open market.
Effect of Dollar Rate on Pakistan Economy
Here is the impact of the dollar rate on Pakistan’s economy in simpler terms:
- Import Costs: When the dollar rate goes up, it means that importing stuff into Pakistan becomes more expensive. Think about things like machinery, oil, or gadgets – they all get pricier. And when importing costs go up, it can lead to higher prices for everyday items, making it tougher for people to afford what they need.
- Trade Balance: The dollar rate affects how much Pakistan buys and sells with other countries. When the dollar rate is high, Pakistani goods become cheaper for people in other countries to buy, which is good for Pakistani businesses. But it also means stuff from abroad becomes more expensive for Pakistanis, which can help reduce the amount of stuff we buy from other countries.
- Foreign Debt: Pakistan owes a lot of money to other countries, and a big chunk of that debt is in dollars. So, when the dollar rate rises, it costs Pakistan more to pay back that debt. That means less money for other important things like schools, hospitals, and infrastructure.
- Remittances: Many Pakistanis work abroad and send money back home to their families. When the dollar rate goes up, the value of the money they send back also goes up. So, families in Pakistan get more money to spend, which can help boost the economy.
- Investment: Foreign investors look at the dollar rate when deciding whether to invest in Pakistan. If the local currency is strong compared to the dollar, it’s more attractive for investors because they know their money will go further. But if the local currency is weak, it can scare off investors because they worry about losing money.
In a nutshell, the dollar rate affects a lot of things in Pakistan – from the prices we pay for goods to how much money the government has to spend. Keeping an eye on the dollar rate is crucial for making sure the economy stays healthy and people can afford the things they need.