What is the Currency Rate?

Currency rate refers to the relative value of one currency against another. It is the exchange rate at which one currency can be converted into another. In the context of Pakistan, this involves understanding how the Pakistani Rupee (PKR) stands against major global currencies.

Today’s Currency Rate in Pakistan

Today’s open market rates, as per the Forex Association of Pakistan, are as follows:

(Note: Rates updated on 23 Dec, 2023, at 03:38:09 PM)

How to Convert Currency in Pakistan:

Converting currency in Pakistan involves several avenues, primarily through authorized currency exchange companies. Some prominent entities facilitating currency exchange include:

Pakistan Currency Exchange Company (Pvt.) Ltd

NBP Exchange Company Ltd

HBL Currency Exchange (Pvt.) Ltd

AA Exchange Company (Pvt.) Ltd

Al-Rahim Exchange Company (Pvt.) Ltd

D.D Exchange Company (Pvt.) Ltd

Al-Hameed Int’l. Money Ex (Pvt.) Ltd

Al-Sahara Exchange Company (Pvt.) Ltd

Dollar East Exchange Company (Pvt.) Ltd

Fairdeal Exchange Company (Pvt.) Ltd

Money Link Exchange Company (Pvt.) Ltd

Galaxy Exchange Company (Pvt.) Ltd

These entities provide a platform for individuals and businesses to exchange currencies according to prevailing rates

Open Market and Currency Rates in Pakistan

The open market refers to a decentralized market where trading of financial instruments, including currencies, takes place directly between two parties. In Pakistan, open market currency rates are determined by various factors, and they play a significant role in shaping the overall economic landscape.

Factors Influencing Exchange Rates

Several factors influence exchange rates, including

Inflation Rates: Countries with lower inflation rates generally see an appreciation in their currency value

Interest Rates: Higher interest rates attract foreign capital, strengthening the currency

Economic Indicators: GDP growth, employment rates, and manufacturing output impact currency value.

Political Stability: Stable political environments attract foreign investment, positively affecting currency rates.

Impact of Exchange Rate on the Economy

The exchange rate’s impact on the economy is multifaceted. It affects

Trade Balance: A strong currency may lead to trade deficits, while a weaker currency can boost exports.

Inflation: Fluctuations in exchange rates can influence import and domestic prices.

Investment: Stable exchange rates attract foreign investment, fostering economic growth.

Employment: Exchange rate changes can impact employment in export-oriented industries.

Disclaimer

The currency exchange rates provided are for informational purposes only and should not be considered trading recommendations. Rates are sourced from various money market outlets, and individuals are advised to refer to local money markets or banks for daily updated rates.