Currency exchange rates play a crucial role in shaping the financial landscape, influencing trade, investment, and economic policies. On December 17, 2024, the exchange rates of various currencies against the Pakistani Rupee (PKR) were updated, reflecting global and local market trends.
Below is a detailed breakdown of the latest currency exchange rates in Pakistan for both buying and selling in the open market.
US Dollar to Pakistani Rupee (USD to PKR)
The US Dollar remains one of the most widely traded foreign currencies in Pakistan.
| Date | Buying (PKR) | Selling (PKR) |
|---|---|---|
| December 17 | 277.5 | 279.1 |
The interbank rate for the USD stands at Rs277.85, slightly higher than the open market buying rate.
Currency Exchange Rates for December 17, 2024
The following table provides a comprehensive overview of buying and selling rates for other major currencies:
| Currency | Buying (PKR) | Selling (PKR) |
|---|---|---|
| Australian Dollar | 186.75 | 189.00 |
| Bahrain Dinar | 732.00 | 740.00 |
| Canadian Dollar | 204.60 | 207.00 |
| Chinese Yuan | 39.60 | 40.00 |
| Danish Krone | 41.12 | 41.52 |
| Euro | 303.10 | 305.85 |
| Hong Kong Dollar | 35.65 | 36.00 |
| Indian Rupee | 3.34 | 3.45 |
| Japanese Yen | 1.92 | 1.98 |
| Kuwaiti Dinar | 898.75 | 908.25 |
| Malaysian Ringgit | 63.60 | 64.20 |
| New Zealand Dollar | 174.21 | 176.21 |
| Norwegian Krone | 26.26 | 26.56 |
| Omani Riyal | 716.75 | 725.25 |
| Qatari Riyal | 76.24 | 76.94 |
| Saudi Riyal | 73.65 | 74.20 |
| Singapore Dollar | 215.00 | 217.00 |
| Swedish Krona | 27.15 | 27.46 |
| Swiss Franc | 322.20 | 325.00 |
| Thai Baht | 8.56 | 8.71 |
| UAE Dirham | 75.45 | 76.10 |
| UK Pound Sterling | 357.15 | 360.65 |
Analysis of Currency Trends
- USD Dominance: The US Dollar remains a strong currency, with minor fluctuations reflecting stable demand in the open market.
- European Currencies: The Euro and UK Pound Sterling continue to trade at higher rates, indicating robust economic activity in European markets.
- Middle Eastern Currencies:
- The Kuwaiti Dinar tops the list as the strongest currency against the PKR, trading at over Rs900 for selling.
- The Bahraini Dinar and Omani Riyal also showcase high values, reflecting the strong economies of the Gulf Cooperation Council (GCC) countries.
- Asian Currencies:
- The Chinese Yuan and Japanese Yen exhibit minimal fluctuations, with the Yuan slightly higher due to trade ties with Pakistan.
- The Indian Rupee remains one of the least valued currencies in this list but remains significant due to regional trade.
- Stable Gulf Currencies: The Saudi Riyal and UAE Dirham continue to see consistent demand, given Pakistan’s reliance on remittances from the Middle East.
Factors Influencing Currency Rates in Pakistan
- Global Economic Trends: Changes in the global market, such as interest rate adjustments by the US Federal Reserve or economic policies in Europe, directly impact currency values.
- Inflation in Pakistan: A high inflation rate often weakens the Pakistani Rupee, making foreign currencies more expensive.
- Trade Deficit: With higher imports than exports, the demand for foreign currencies increases, pressuring the PKR.
- Remittances: A steady inflow of remittances helps stabilize the PKR by increasing the supply of foreign currency in the market.
- Political and Economic Stability: Political uncertainties or fiscal challenges lead to market volatility, affecting exchange rates.
Why Monitor Exchange Rates?
- For Travelers: Currency exchange rates are crucial for travelers planning trips abroad.
- For Importers and Exporters: Businesses involved in trade must stay updated to manage costs effectively.
- For Investors: Fluctuations in exchange rates directly affect investments in foreign markets and stock exchanges.
- For Individuals Sending Remittances: Understanding currency trends can help optimize remittance transactions.
Conclusion
Currency exchange rates are vital economic indicators, affecting trade, investment, and daily financial transactions. Staying informed about these rates allows individuals and businesses to make strategic financial decisions.
For the most accurate and up-to-date rates, always rely on trusted sources such as banks or authorized exchange companies.
Stay tuned for daily updates on currency trends and market insights!
