Islamabad—Pakistan’s open market forex rates show a steady direction. The Pakistani rupee has held its value against major foreign currencies, even though the world economy is facing problems.
Market experts say that the buying and selling rates of major currencies show that trade is fair. The US dollar, which is a major standard, was reported at 278.95 PKR for buying and 280.45 PKR for selling, which is not much change from the previous rates.
Similarly, the Euro stood at 285.75 PKR (buying) and 288.50 PKR (selling), while the UK Pound Sterling continued to dominate the market at 341.50 PKR (buying) and 345.00 PKR (selling).
The Chinese Yuan, which is used for a lot of trade with other countries, was bought at 37.97 PKR and sold at 38.37 PKR. Meanwhile, regional currencies like the Saudi Riyal and UAE Dirham remained steady, trading at 74.05 PKR (buying) and 75.70 PKR (buying), respectively.
The Australian Dollar and Canadian Dollar were also available for purchase at 171.75 PKR and 194.10 PKR, showing that trade and travel sectors are still interested.
Experts in the market say that the steadiness is due to the State Bank of Pakistan’s aggressive monetary policies and the large amount of money sent back home during the holidays. They do warn, though, that the market could be affected in the coming weeks by things like world inflation and changes in the price of oil.
As Pakistan continues to deal with its economic problems, keeping the forex stable will be very important for keeping investors’ faith and boosting trade.