Today, November 2, 2024, the US Dollar exchange rate in Pakistan stands at PKR 277.75 according to the official interbank rate provided by the State Bank of Pakistan. This rate, commonly referred to as the interbank rate, slightly differs from the open market rate, where the US Dollar is traded at PKR 277.25 in Pakistan’s open market. Due to economic factors, the buying and selling forex rates fluctuate daily, and the open market rate often trends slightly higher than the bank exchange rate.
USD to PKR Rates on 02 November 2024
Interbank Dollar Rate:
| Date | Buying Rate | Selling Rate |
|---|---|---|
| 02 Nov 2024 | PKR 277.75 | PKR 278.25 |
Open Market Dollar Rate:
| Date | Buying Rate | Selling Rate |
|---|---|---|
| 02 Nov 2024 | PKR 277.25 | PKR 278.75 |
Open Market Currency Rates in Pakistan
Alongside the US Dollar, other foreign currencies are also actively traded in Pakistan’s open market. Here are today’s buying and selling rates for a range of major international currencies:
| Currency | Buying Rate (PKR) | Selling Rate (PKR) |
|---|---|---|
| US Dollar | 277.25 | 278.75 |
| Euro | 299.90 | 302.65 |
| British Pound | 355.55 | 359.05 |
| UAE Dirham | 75.35 | 76.00 |
| Saudi Riyal | 73.65 | 74.20 |
| Kuwaiti Dinar | 897.37 | 906.87 |
| Canadian Dollar | 200.60 | 203.00 |
| Australian Dollar | 182.29 | 184.54 |
| Omani Riyal | 715.71 | 724.21 |
| Japanese Yen | 1.92 | 1.98 |
| Malaysian Ringgit | 63.34 | 63.94 |
| Qatari Riyal | 75.54 | 76.24 |
| Bahrain Dinar | 731.21 | 739.21 |
| Thai Baht | 8.18 | 8.33 |
| Chinese Yuan | 38.88 | 39.28 |
| Hong Kong Dollar | 35.36 | 35.71 |
| Danish Krone | 39.82 | 40.22 |
| New Zealand Dollar | 165.23 | 167.23 |
| Singapore Dollar | 208.64 | 210.64 |
| Norwegian Krone | 24.98 | 25.28 |
| Swedish Krona | 25.82 | 26.12 |
| Swiss Franc | 320.15 | 322.95 |
| Indian Rupee | 3.34 | 3.45 |
Key Factors Influencing USD to PKR Exchange Rate
The USD to PKR exchange rate is influenced by multiple economic and market factors:
- Inflation and Interest Rates: Higher inflation in Pakistan can depreciate the PKR, while lower inflation or stable interest rates tend to strengthen it. When the State Bank of Pakistan adjusts interest rates, it directly affects the exchange rate.
- Trade Balance: Pakistan’s trade balance also plays a role. High import volumes and a lower export rate increase demand for foreign currency, putting pressure on the PKR.
- Foreign Investment: Investments from abroad bolster foreign exchange reserves, helping stabilize or strengthen the PKR. In contrast, low foreign investment can weaken the PKR.
- Global Economic Trends: Factors such as the strength of the US Dollar globally and international policies also impact the USD to PKR exchange rate.
- Market Demand and Supply: The open market rate often depends on forex traders and overall demand. When the demand for USD rises due to imports or other reasons, the PKR may face depreciation, driving up exchange rates.
Conclusion
Keeping a close eye on the daily USD to PKR exchange rate is crucial for importers, exporters, and investors involved in forex trading. By understanding the rate fluctuations, one can make more informed financial decisions in a dynamic economic environment.