On May 9th, 2024, the interbank USD rate in Pakistan stood at PKR 278.05 for buying and PKR 278.30 for selling. Meanwhile, in the open market, the USD was being bought at PKR 277.00 and sold at PKR 279.70.
This indicates a slight difference between the interbank and open market rates, with the latter showing slightly higher selling prices. Such variations can impact businesses and individuals engaging in currency exchange transactions, influencing their decision-making processes.
Table of Dollar Rates in Pakistan
| Date | Market | Buying (PKR) | Selling (PKR) |
|---|---|---|---|
| 09 May 24 | Interbank | 278.05 | 278.30 |
| 09 May 24 | Open Market | 277.00 | 279.70 |
This table outlines the buying and selling rates for USD in both the interbank and open market in Pakistan on May 9th, 2024.
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 does Pakistan buy and sell 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 the 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 the 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.
Dollar Rate in the Last Few Days
| Date | Buying | Selling |
|---|---|---|
| Today | 278.05 | 278.30 |
| 09 May, 24 | 278.05 | 278.30 |
| 08 May, 24 | 278.05 | 278.35 |
| 07 May, 24 | 278.30 | 278.50 |
| 06 May, 24 | 278.55 | 278.80 |
| 05 May, 24 | 278.55 | 278.80 |
| 04 May, 24 | 278.55 | 278.80 |
This table displays the buying and selling rates for USD in Pakistan on various dates in May 2024.
In Pakistan, the price of the US dollar hasn’t changed much recently. Today, on May 9th, 2024, you could buy one US dollar for about 278 Pakistani rupees, and sell it for around 278.30 rupees.
The prices were the same yesterday, and only slightly different the day before. Over the past week, the rates have been pretty consistent, showing that the value of the dollar in Pakistan hasn’t been jumping around much.
FAQs
- What is the Dollar rate today in Pakistan? The current Dollar rate in Pakistan is PKR PKR 278.30 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 277.00 and this rate varies from the Interbank rate.