As of May 2, 2024, the interbank exchange rate for USD to PKR stands at buying PKR 278.40 and selling PKR 278.60. In contrast, the open market rate for the same date shows a buying rate of PKR 277.45 and a selling rate of PKR 280.10.
This indicates a slight difference between the rates offered by the interbank and open market for converting US dollars to Pakistani rupees. While the interbank rates typically cater to large financial institutions and businesses, the open market rates are more reflective of the exchange rates available to individual consumers and smaller businesses.
The Interbank rates are the rates at which banks and financial institutions trade currencies among themselves. On the other hand, the Open Market rates are the rates at which individuals and businesses can buy or sell currencies from exchange bureaus or on the open market.
Comparing the two, we see that the Open Market rates for both buying and selling are slightly higher than the Interbank rates. This difference can be due to various factors such as supply and demand dynamics, transaction costs, and market sentiment.
Table of Dollar Rates in Pakistan
| Date | Exchange Rate (Buying) | Exchange Rate (Selling) |
|---|---|---|
| 02 May 24 | PKR 278.40 | PKR 278.60 |
| 02 May 24 | PKR 277.45 | PKR 280.10 |
This table outlines the exchange rates for USD to PKR on May 2, 2024, both in the interbank and open market.
Table of Different Currency Rates
| Currency | Buying | Selling |
|---|---|---|
| US Dollar | 277.45 | 280.1 |
| Euro | 293.5 | 296.5 |
| British Pound | 344.45 | 347.85 |
| UAE Dirham | 75 | 75.75 |
| Saudi Riyal | 73.35 | 74 |
| Kuwaiti Dinar | 904.08 | 913.08 |
| Canadian Dollar | 203 | 205 |
| Australian Dollar | 179.2 | 181 |
| Omani Riyal | 722.99 | 730.99 |
| Japanese Yen | 1.86 | 1.94 |
| Malaysian Ringgit | 58.33 | 58.93 |
| Qatari Riyal | 76.48 | 77.18 |
| Bahrain Dinar | 740.35 | 748.35 |
| Thai Bhat | 7.52 | 7.67 |
| Chinese Yuan | 38.49 | 38.89 |
| Hong Kong Dollar | 35.57 | 35.92 |
| Danish Krone | 40 | 40.4 |
| New Zealand Dollar | 166.25 | 168.25 |
| Singapore Dollar | 204.5 | 206.5 |
| Norwegian Krone | 25.32 | 25.62 |
| Swedish Krona | 25.46 | 25.76 |
| Swiss Franc | 305.64 | 308.14 |
| Indian Rupee | 3.34 | 3.45 |
This table provides buying and selling rates for various currencies against the Pakistani Rupee.
What Effects Dollar Rate
The value of the US Dollar in Pakistan can be affected by various things:
- How well the economy is doing: If Pakistan’s economy is growing and things like prices and unemployment are stable, the Pakistani Rupee tends to be stronger against the US Dollar.
- Interest rates: When Pakistan’s central bank changes interest rates, it can make the Pakistani Rupee stronger or weaker. Higher interest rates usually make the Rupee stronger because they attract more foreign investors.
- Political situation: If there’s uncertainty or unrest in Pakistan’s government, it can make the Rupee weaker because investors might worry about the country’s stability.
- World events: What’s happening in other countries, especially big ones like the US, can affect the Rupee’s value. Things like trade disputes or big economic changes in the US can impact how much the Rupee is worth.
- How much Pakistan buys and sells with other countries: If Pakistan is buying more from other countries than it’s selling, it might need more US Dollars to pay for those imports. This can put pressure on the Rupee.
- How much foreign money Pakistan has saved: Pakistan’s foreign money reserves, especially US Dollars, can affect the Rupee’s value. If there’s a lot saved up, it can help keep the Rupee stable.
- People’s feelings about the future: Sometimes, just how people feel about what might happen in the future can affect the value of the Rupee. If investors are worried, they might sell Rupees, making it weaker. If they’re optimistic, they might buy more Rupees, making it stronger.
Dollar Rate Effect on Economy
- Buying Stuff from Other Countries: If the US Dollar gets stronger compared to the Pakistani Rupee, it means things from other countries become cheaper for us to buy. But it also means stuff we sell to other countries might become more expensive for them.
- Prices Going Up: When the Rupee gets weaker against the Dollar, things we buy from other countries can become more expensive. This can make the prices of goods in Pakistan go up, which is called inflation.
- Paying Back Loans: If Pakistan has borrowed money from other countries in US Dollars, a weaker Rupee means it takes more Rupees to pay back those loans. So, it can make our debt burden heavier.
- Attracting Investors: When the Rupee is strong, foreign investors might be more interested in putting money into Pakistan. But if the Rupee is weak, they might worry about losing money because of currency changes.
- Money from Overseas: Many Pakistanis working abroad send money back home. If the Rupee gets weaker, that money might be worth less when converted to Rupees, affecting the buying power of families receiving it.
- More Tourists: If the Rupee is weaker, it can make Pakistan a cheaper destination for tourists from countries with stronger currencies, potentially bringing in more visitors and money.
- Government’s Role: The government’s bank, the State Bank of Pakistan, can try to help stabilize the economy by adjusting things like interest rates or buying and selling foreign currency to control how much the Rupee is worth.
FAQs
- What is the Dollar rate today in Pakistan?
The current Dollar rate in Pakistan is PKR 278.40 as per the interbank rate. - What is the dollar rate in Pakistan today’s open market?
The dollar rate in the Pakistan open market today stands at PKR 277.45 which may vary from the Interbank rate.