As of Wednesday, December 11, 2024, the Pakistani Rupee (PKR) is trading at Rs. 278.19 against the US Dollar (USD). The exchange rate continues to show volatility, reflecting ongoing economic challenges in the country. For every 1 USD, the Pakistani Rupee is valued at Rs. 278.19, or 0.0036 USD per unit of the Rupee.
Forex Market Overview
In the open market, the Pakistani Rupee has been struggling against major foreign currencies, including the US Dollar. On the same day, the buying rate for the US Dollar stood at Rs. 277.70, while the selling rate was Rs. 279.20. This fluctuation in the dollar’s price underscores the economic pressures affecting the currency.
Gold Prices Reach Record Levels in Pakistan on December 11
Global Currency Exchange Rates
The global forex market continues to reflect significant differences in exchange values. Some key global exchange rates as of December 11, 2024, include:
- China Yuan (CNY): 7.2505 units per USD, 0.1379 USD per unit
- Euro (EUR): 0.9513 units per USD, 1.0512 USD per unit
- Japanese Yen (JPY): 152.0502 units per USD, 0.0066 USD per unit
- Saudi Riyal (SAR): 3.75 units per USD, 0.2667 USD per unit
- UAE Dirham (AED): 3.6725 units per USD, 0.2723 USD per unit
- UK Pound Sterling (GBP): 0.784 units per USD, 1.2755 USD per unit
Factors Influencing the PKR-USD Exchange Rate
The depreciation of the Pakistani Rupee against the US Dollar is attributed to multiple factors, including inflation, trade deficits, and global market dynamics. As Pakistan continues to face economic challenges, including rising oil prices and a widening trade gap, the pressure on the Rupee remains high.
Moreover, Pakistan’s foreign exchange reserves are under strain, contributing to the fluctuation of the currency in the open market. These factors combined have led to a weakened Rupee, making it more expensive for Pakistan to import goods, particularly fuel and essential commodities.
Impact on Imports and Remittances
The weakened Pakistani Rupee against the US Dollar is having a significant impact on Pakistan’s import costs. Essential goods, including fuel, machinery, and consumer products, are becoming more expensive, straining the country’s economy. On the positive side, remittances from overseas Pakistanis continue to provide a crucial lifeline for the country’s foreign exchange reserves. However, the rise in the value of the US Dollar against the Rupee may make it more challenging for people in Pakistan to manage day-to-day expenses.
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