Today Open Market Currency Rates in Pakistan

Currency Rate in Pakistan – As of September 17, 2022, the US dollar was worth PKR 241.20, the euro was worth PKR 241.70, the British pound was worth PKR 280.50, the Saudi riyal was worth PKR 64.40, the UAE dirham was worth PKR 66.40, and the Australian dollar was worth PKR 160.14. Below are some more purchasing and selling rates.

Rates in the open market in Pakistan

A market that is open to all economic actors and allows for trade without the stress of external restrictions is essentially the market in any nation. In plain English, an open market essentially permits international trade. In terms of banking, international asset transfers are permitted under open markets.

The term “open market” generally refers to any market that meets the following criteria;

  • The extent of competition
  • Any sort/number of cultural constraints which might hinder the trade
  • The number of regulations, the government imposes on these markets

previous currency table

Currency Rates

These are typically the limitations that make commerce challenges. The following have less of an effect on a country’s market, the more open that market is. All economic participants have an equal chance to acquire and sell goods, currencies, and other assets in an open market. Due to the absence of tariffs, subsidies, and other restrictions, an open market allows for greater market participation. Canada, Australia, Western Europe, and the United States have the most open markets in the world, whereas North Korea, Brazil, and Cuba have more closed markets with fewer economic participants allowed to trade there.

Today’s Open Market Currency Rates

Currency Exchange

Along with buying and selling things, free markets of many nations also swap currency. International banks, some of the most well-known of which include Deutsche Bank, Barclays, HSBC, Standard Chartered, Citi, and others, are active in determining the exchange rate on the world market. The daily setting of exchange rates by a central national bank in each nation is referred to as foreign exchange fixing.

Top 10Sep 17, 2022 02:11 UTC

Pakistani Rupee1.00 PERinv. 1.00 PER
US Dollar0.004223236.790075
British Pound0.003700270.281604
Indian Rupee0.3365372.971440
Australian Dollar0.006284159.142952
Canadian Dollar0.005603178.472111
Singapore Dollar0.005940168.355249
Swiss Franc0.004076245.351566
Malaysian Ringgit0.01915452.208707
Japanese Yen0.6035851.656767

Alphabetical ordered 17, 2022 02:11 UTC

Pakistani Rupee▲1.00 PKR▲▼inv. 1.00 PKR▲▼
Argentine Peso0.6061981.649627
Australian Dollar0.006284159.142952
Bahraini Dinar0.001588629.760837
Botswana Pula0.05549618.019238
Brazilian Real0.02219645.053364
British Pound0.003700270.281604
Bruneian Dollar0.005940168.355249
Bulgarian Lev0.008246121.277674
Canadian Dollar0.005603178.472111
Chilean Peso3.8952120.256725
Chinese Yuan Renminbi0.02950933.887898
Colombian Peso18.7291690.053393
Croatian Kuna0.03173031.515749
Czech Koruna0.1033939.671868
Danish Krone0.03135631.891669
Emirati Dirham0.01551064.476535
Hong Kong Dollar0.03314930.166452
Hungarian Forint1.7063900.586032
Icelandic Krona0.5890881.697538
Indian Rupee0.3365372.971440
Indonesian Rupiah63.3646160.015782
Iranian Rial178.8134420.005592
Israeli Shekel0.01448169.056549
Japanese Yen0.6035851.656767
Kazakhstani Tenge2.0087570.497820
Kuwaiti Dinar0.001305766.411819
Libyan Dinar0.02094647.742037
Malaysian Ringgit0.01915452.208707
Mauritian Rupee0.1923135.199862
Mexican Peso0.08462111.817368
Nepalese Rupee0.5387121.856280
New Zealand Dollar0.007058141.691619
Norwegian Krone0.04302423.242625
Omani Rial0.001626614.954662
Philippine Peso0.2421504.129675
Polish Zloty0.01990750.232607
Qatari Riyal0.01537265.052218
Romanian New Leu0.02076348.162045
Russian Ruble0.2555003.913896
Saudi Arabian Riyal0.01583763.144020
Singapore Dollar0.005940168.355249
South African Rand0.07423313.471147
South Korean Won5.8551360.170790
Sri Lankan Rupee1.5289760.654033
Swedish Krona0.04535322.049056
Swiss Franc0.004076245.351566
Taiwan New Dollar0.1320027.575631
Thai Baht0.1554076.434713
Trinidadian Dollar0.02865734.895013
Turkish Lira0.07710012.970234
US Dollar0.004223236.790075
Venezuelan Bolivar3390.8001460.00029

How Currency Exchange Works

The value of our money in foreign currency is essentially communicated to us by the currency exchange rate. The exchange rate tells us how much we would have to pay to buy a currency if we wanted to buy it or sell it. Foreign exchange dealers set the exchange rates for currencies. The exchange rate can also signal whether a currency is strengthening or declining. You should be aware of the market rate for the relevant currency before exchanging any of your money. The greatest exchange rates are often provided by national banks, but in addition, money can be exchanged at money changers in every nation.

The following locations offer currency exchange services in Pakistan:

  • Western Union
  • Dollar East Money Changer
  • Pakistan Currency Exchange Co Pvt Limited
  • AA Exchange, Lahore
  • Paragon Exchange, Lahore
  • Habib Qatar International Exchange Pakistan
  • Wall Street Exchange Co Pvt Ltd
  • Ravi Exchange, Lahore
  • Pay Exchanger, Lahore
  • Link International Exchange Co Pvt Ltd
  • Apni Exchange, Lahore

Elements Affecting Exchange Rates

Any country’s exchange rates are influenced by three things:

Typically, investors from all over the world would purchase any currency based on the interest rate that country’s central bank was paying on it. High-interest rates increase the currency’s worth. Investors buy expensive currency and then deposit it in a bank to earn high interest on it.

More money is available but fewer items are available for purchase if there is an excessive amount of money supply as a result of excessive currency printing. This causes money to be bid upon, devaluing the currency and lowering its exchange rate.

The exchange rate of each nation is influenced by its financial stability and rate of economic growth.

Interbank Rate Difference

The open market exchange rates for currencies vary from the interbank rates. Due to the additional interest in the currency, banks typically charge a higher conversion rate. Because banks all across the world must maintain liquid assets to handle client withdrawals and payments, interest is applied when buying or selling currencies. Since they intend to reserve the money to make it double, investors should go to the bank for currency exchange, but regular people should visit their local money changers in order to receive a fair price for their money.

Effect of Exchange Rate on Economy

A nation’s currency exchange rate and economic growth are directly inversely correlated. A country’s economic growth is correlated with its currency exchange rate. An economy that is doing well will attract more foreign investors, who will spend more money on that nation’s currency.

Since Pakistan’s economy has not been stable for a very long time, our currency has continued to lose value, which has caused fluctuations in currency exchange rates. The price of the Dollar decreased by 4 points when the new government entered office, but it has since increased by 9 Rupees, which is hurting Pakistan’s economy.

The open market exchange rates for the US Dollar ($USD) and all other major currencies, such as the Euro EUR, British Pound GBP, Saudi Riyal SAR, UAE Dirham AED, Canadian Dollar CAD, and Chinese Yuan, are available in Pakistan. The most recent selling and buying prices are provided along with a conversion to Pakistani Rupees (PKR). A very helpful tool called a currency converter is also accessible for quickly converting any money online.

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