Today Currency Rate In Pakistan, 29 October 2024
Today Currency Rate in Pakistan in the Open Market is US Dollar to PKR 277.75, Euro to PKR 300.40, British Pound to PKR 360.38, Bahrain dinar to PKR 738.69, and Kuwaiti dinar to PKR 905.90. According to the Forex Association of Pakistan Currency rates updated on 29 October 2024 at 08:30 AM are given below.
CURRENCY | CURRENCY CODE | SYMBOL | PRICE IN PKR |
Australian Dollar | AUD | $ | |
Bahrain Dinar | BHD | .د.ب | |
Canadian Dollar | CAD | $ | |
China Yuan | CNY | ¥ | |
Danish Krone | DKK | Kr | |
Euro | EUR | € | |
Hong Kong Dollar | HKD | $ / HK$ / 元 | |
Indian Rupee | INR | ₹ | |
Japanese Yen | JPY | ¥ | |
Kuwaiti Dinar | KWD | ك | |
Malaysian Ringgit | MYR | RM | |
NewZealand Dollar | NZD | $ | |
Norwegians Krone | NOK | Kr | |
Omani Riyal | OMR | ر.ع | |
Romanian New Lei | RON | lei | |
Qatari Riyal | QAR | ر.ق | |
Saudi Riyal | SAR | SR | |
Singapore Dollar | SGD | $ | |
Swedish Korona | SEK | Kr | |
Swiss Franc | CHF | CHF | |
Thai Bhat | THB | ฿ | |
U.A.E Dirham | AED | AED | |
UK Pound Sterling | GBP | £ | |
US Dollar | USD | $ |
Currency rates are a vital aspect of any country’s economy, If we particularly talk about Pakistan understanding the factors that influence the currency rate in Pakistan is essential for businesses, investors, and individuals alike. In this article, we will explore various aspects of today’s currency rate in Pakistan by exploring the technicalities and highlighting factors that contribute to fluctuate currency rates.
Today Currency Rate in Pakistan in relation to other major currencies
Currency rates in Pakistan are interconnected by a combination of multiple factors that cause variations in exchange rates. The State Bank of Pakistan monitors these factors closely and takes necessary steps to maintain stability as and when required. In the content below, mypricezone.com will highlight the current state of the Pakistani Rupee by thoroughly discussing major currencies and the factors influencing changes in their value.
US Dollar To Pakistani Rupee (USD TO PKR)
Today, the currency rate in Pakistan between USD and PKR is one of the most concerning and watched rates in Pakistan. Today currency rate in Pakistan from PKR to USD is 277.75 PKR to 1 USD.
CURRENCY | OPEN MARKET RATE |
1 USD TO PKR | |
1 USD TO AUD | |
1 USD TO CAD | |
1 USD TO EUR | |
1 USD TO GBP | |
1 USD TO BHD | |
1 USD TO OMR | |
1 USD TO INR | |
1 USD TO KWD |
Several factors contribute to influence this rate
Euro to Pakistani Rupee (EUR TO PKR)
The currency exchange rate between the Pakistani Rupee and the Euro is another important rate. Today currency rate in Pakistan from EUR to PKR is 300.40 PKR to 1 EUR.
CURRENCY | OPEN MARKET RATE |
1 EUR TO PKR | |
1 EUR TO AUD | |
1 EUR TO CAD | |
1 EUR TO USD | |
1 EUR TO GBP | |
1 EUR TO BHD | |
1 EUR TO OMR | |
1 EUR TO INR | |
1 EUR TO KWD |
The factors influencing Today currency rate from EUR TO PKR are:
Pound Sterling to Pakistani Rupee(GBP To PKR):
The Currency rate in Pakistan between the Pakistani Rupee and the British Pound is also a significant currency rate that is searched in Pakistan. Currently, Today currency rate in Pakistan, from GBP to PKR, is 360.38 PKR.
CURRENCY | OPEN MARKET RATE |
1 GBP TO PKR | |
1 GBP TO AUD | |
1 GBP TO CAD | |
1 GBP TO EUR | |
1 GBP TO USD | |
1 GBP TO BHD | |
1 GBP TO OMR | |
1 GBP TO INR | |
1 GBP TO KWD |
Key factors impacting this rate include:
Currency Converter
Understanding Currency Rates
What is a Currency Rate?
Well first we need to know is what actually is a currency rate. Currency rate, also referred to as an exchange rate, “It is the value of a country’s currency in relation to another currency“. It determines how much of one country’s currency can be exchanged for another. According to Wikipedia “An exchange rate is a price at which two currencies can be exchanged against each other“
Types of Exchange Rate Systems:
Mainly there are two types of exchange rate systems: fixed and floating.
Factors Impacting Today Currency Rate in Pakistan
Pakistan primarily follows a managed float system, where the currency rate is influenced by market forces but with some contribution from the State Bank of Pakistan to keep it stable.
In the content below mypricezone.com will highlight a few of the many important factors that are impacting directly on currency rate in Pakistan today.
1. Inflation Rate:
Higher inflation in Pakistan compared to other countries can lead to a depreciation of the Pakistani Rupee. When the cost of goods and services rises, the value of the currency decreases because purchasing power diminishes.
2. Interest Rates:
The interest rate set by the State Bank of Pakistan can attract or repel foreign investors. Higher interest rates offer better returns on investments denominated in Pakistani Rupees, attracting foreign capital and increasing the currency value.
3. Gross Domestic Product (GDP):
A growing economy, indicated by a rising GDP, typically strengthens a country’s currency. It signals economic health and attracts foreign investment.
4. Political Instability:
Political instability plays a crucial role in determining the currency rate. Political instability or uncertainty can lead to a lack of confidence among investors which in turn results in the the downfall of currency. A stable political environment can attract foreign investments and strengthen the currency.
5. Foreign Exchange Reserves
Assets held by the central bank in foreign currencies are known as Foreign exchange reserves. These reserves are used to back liabilities and influence monetary policy. A higher reserve can stabilize the currency and instill confidence among investors.
6. Speculation and Market Sentiment
Currency traders and investors often predict future movements of the currency rate. Their collective actions, driven by market sentiment and expectations, can cause short-term fluctuations in the currency rate.
7. Geopolitical Events
Geopolitical events, such as trade wars, regional conflicts, and diplomatic tensions, also influence the exchange rate. These events can lead to uncertainty and volatility in the foreign exchange market, affecting the value of the Pakistani Rupee following the US Dollar.
Impact of Currency Rate Fluctuations
Fluctuation in currency rates impacts almost every sector in any country from its economy to business and industry to groceries. Let’s have a look at a few very important sectors among these:
Impact On the Economy
Currency rate fluctuations have a deep impact on the economy. If the value of the Pakistani Rupee increases it can make imports cheaper by reducing the cost of imported goods, services, and transport charges. However, it can also make exports more expensive, which can result in reduced demand for Pakistani products in other countries. A weak Rupee can make exports more competitive but also increase the cost of imports, resulting in a rise in inflation.
Impact On Businesses
Businesses engaged in international trade are directly influenced by currency rate fluctuations. Importers benefit from a strong Rupee as it lowers their costs, while exporters benefit from a weak Rupee as it makes their products more competitive.
Impact On Individuals
Individuals are also affected by currency rate changes. Those who receive remittances from abroad may benefit from a strong Rupee as they get more value for the foreign currency. On the other hand, those planning to travel or study abroad may face higher costs with a weaker Rupee.
Steps To Overcome Currency Risk
Keeping in mind the impact of currency rate fluctuations, it’s important to have pre-planned strategies for managing currency risk.
Hedging
Hedging involves financial instruments like futures, options, and forward contracts to protect against adverse currency movements. Businesses can lock in exchange rates to ensure stability in their financial planning.
Diversification
Diversifying investments and revenue streams across different currencies and markets can help mitigate the impact of currency fluctuations.
Monitoring and Analysis
Regularly monitoring currency trends and conducting thorough analysis can help businesses and individuals make informed decisions and take timely actions.
Conclusion
Today currency rate in Pakistan is influenced by a network of factors, including economic indicators, political instability, trade balance, foreign exchange reserves, and market sentiment. Understanding these factors and their interplay is crucial for businesses, investors, and individuals alike.
By staying informed and employing strategies to manage currency risk, stakeholders can navigate the complexities of currency fluctuations and make decisions that support their financial goals. Currency rates may fluctuate daily, a comprehensive understanding of the above-mentioned factors and proactive risk management can help to reverse the effects and capitalize on opportunities in the dynamic world of foreign exchange.
