Currency Rates in Pakistan 2024

Currency Converter

Use this currency converter tool to convert and check real-time currency rates today. This tool is used to perform currency exchanges in real-time and is especially useful for international transactions or investments.

All Major Currency Rates vs PKR Rupee Today

The most popular currency rates in Pakistan are the exchange rates of the Pakistani Rupee (PKR) against the following foreign currencies today.

These currencies are widely traded and used in Pakistan, and their exchange rates are closely monitored by businesses, traders, and individuals. The exact exchange rate will fluctuate based on various factors, such as interest rates, economic conditions, and political developments.

Why Pakistan Times is the best currency exchange portal

Pakistan Times is a popular currency rates portal in Pakistan that offers real-time exchange rates for the Open Market, Inter-bank market, and international currencies. The website provides access to historical currency rates, exchange rate data for the US dollar, AED, GBP and others versus Pakistani rupee, as well as charts, graphs, forex news, directories of forex dealers and currency rates, gold rates, and information about prize bond results in Pakistan. It’s a one-stop-shop for all the information related to the world of foreign exchange in Pakistan.

Importance of Foreign Currency Exchange in Pakistan

Foreign currency plays an important role in Pakistan’s economy. It is used to facilitate international trade and investment, and is also essential for the country’s balance of payments.

The Pakistani rupee is pegged to the US dollar, which means that the exchange rate between the two currencies is fixed. However, in the open market, the value of the rupee fluctuates based on supply and demand.

Foreign currency is also used by individuals and businesses to make international transactions, such as buying goods and services from other countries, or sending money abroad. It is also used by investors to participate in the global financial market.

In addition, foreign currency reserves are an important indicator of a country’s economic health. A country with a large foreign currency reserve is considered to be in a stronger economic position than one with a low reserve.

In Pakistan, foreign currency is important because it helps to stabilize the economy by keeping inflation low and encouraging foreign investment. It also helps to finance the country’s trade and balance of payments deficits.

How are currency rates determined in Pakistan

The currency exchange rate in Pakistan is determined by the open market, and can fluctuate based on supply and demand. The current exchange rate for the Pakistani rupee (PKR) against the US dollar (USD), UAE Dirham (AED), Canadian Dollar (CAD), Australian Dollar (AUD), Qatari Rial (QAR), Saudi Riyal (SAR), British Pound Sterling (GBP) are updated here hourly. These rates can can also be found on various financial websites, such as the State Bank of Pakistan website or on google.

Major factors affecting Currency Rates in Pakistan Today

The use of foreign currency rates in Pakistan’s economy cannot be overstated. It holds a significant position in enabling the nation to participate in international business transactions, both in terms of import and export, as well as attracting foreign investment.

Additionally, foreign currency is a crucial factor in maintaining the country’s financial stability, as it affects the balance of payments, which is a record of all financial transactions made between the country and the rest of the world.

Overall, foreign currency plays a critical role in the growth and development of Pakistan’s economy.

There are several factors that can impact the currency exchange rate in Pakistan, including:

Interest rates

Interest rate differentials between Pakistan and other countries can affect the value of the rupee. If interest rates are higher in Pakistan than in other countries, investors may be more likely to invest in Pakistan, which can strengthen the rupee.

Political stability

Political stability can influence the level of foreign investment in Pakistan and the level of confidence in the country. A stable political environment can attract foreign investment, which can strengthen the rupee.

Economic conditions

Economic conditions in Pakistan, such as GDP growth, inflation, and unemployment, can affect the value of the rupee. A strong economy with low inflation and unemployment can attract foreign investment and strengthen the rupee.

International events

International events such as war, natural disasters, and political or economic crises in other countries can affect the value of the rupee. These events can cause investors to withdraw money from Pakistan, which can weaken the rupee.

Trade balance

The balance of trade between Pakistan and other countries can affect the value of the rupee. A trade deficit (more imports than exports) can weaken the rupee, while a trade surplus (more exports than imports) can strengthen it.

Foreign currency reserve

Pakistan’s foreign currency reserve can also play a role in determining the value of the rupee. If the reserve is low, it can lead to the depreciation of the rupee and if the reserve is high, it can lead to the appreciation of the rupee.

All these factors interact and affect the currency rate, and it’s not just one factor that determines the currency rates in Pakistan.

Currency rates today are presented live here on Pakistan Times portal. We use the mid-market rate for our Converter. This is for informational purposes only. You won’t receive this rate when sending money. You are strongly encouraged to confirm currency rates at time of exchange on the spot.

The forex data is compiled and disseminated for information only. The open market and forex Exchange Rates are an estimate of the Exchange Rates quoted by various Commercial Banks to their clients in Pakistan and updated on Pakistan Times in real-time. They are compiled from the Exchange Rate sheets issued daily by various Commercial Banks providing their indicative Exchange Rates for commercial transaction with customers.