As of August 20th, 2024, The Currency Exchange Rates in Pakistan saw some notable fluctuations. The most significant change was observed in the value of the US dollar against the Pakistani rupee in the interbank market. The US dollar decreased by 17 paisa, bringing its rate down to Rs278.50, according to the State Bank of Pakistan (SBP). This decrease reflects a slight improvement in the value of the Pakistani rupee.
Open Market Rates for the US Dollar
In the open market, where currency trading is more flexible, the rates for the US dollar showed a small difference. According to the Forex Association of Pakistan (FAP), the buying rate of the US dollar was Rs279.70, while the selling rate was slightly higher at Rs280.40. This difference between the buying and selling rates is typical and represents the margin that currency traders make.
Changes in the Euro and Other Major Currencies
The Euro, which is another major currency in Pakistan’s foreign exchange market, saw an increase in its value. It rose by 89 paisa, closing at Rs308.38 compared to the previous day’s rate of Rs307.49, as reported by the SBP. This increase suggests that the Euro has strengthened against the Pakistani rupee.
Meanwhile, the Japanese yen experienced a minor decrease of 01 paisa, closing at Rs1.89. Although this change is small, it reflects the ongoing fluctuations in the currency market.
The British Pound, another significant currency, witnessed an increase in its exchange rate. It went up by 74 paisa, closing at Rs361.83, compared to the previous day’s rate of Rs361.09. This rise in the value of the British Pound indicates its growing strength against the Pakistani rupee.
Stability in Regional Currencies: Emirates Dirham and Saudi Riyal
The exchange rates for regional currencies like the Emirates Dirham and the Saudi Riyal showed only slight changes. The Emirates Dirham decreased by 02 paisa, closing at Rs75.78, while the Saudi Riyal decreased by 01 paisa, closing at Rs74.18. These minimal changes suggest relative stability in the exchange rates of these currencies against the Pakistani rupee.
Conclusion
In summary, the latest exchange rates in Pakistan currency market show a mix of small increases and decreases across various currencies. The US dollar, while slightly decreasing in the interbank market, remains stable in the open market. Other major currencies like the Euro and the British Pound saw slight increases, indicating their strengthening against the Pakistani rupee. On the other hand, regional currencies like the Emirates Dirham and Saudi Riyal showed minimal fluctuations, maintaining overall stability. These changes reflect the dynamic nature of the currency exchange market in Pakistan, influenced by various economic factors both locally and globally.
