Currency Rate in Pakistan
Karachi: Here is the updated currency rate in Pakistan as 8 December 2018. We collect currency rates from local exchanges and local forex market of different cities including Lahore, Peshawar, Faisalabad, Gujranwala, Islamabad, Karachi, Rawalpindi, Quetta, Sialkot, and Multan.
Which factors affect currency rate in Pakistan?
There are several factors that higher or lower the currency rate in Pakistan or any other country. The Dollar rate in Pakistan has also seen a high rise in last few months.
At the end of November, State Bank of Pakistan Reserves decreased by 6.95% or $560 million to $7.5 billion. While, commercial banks holdings also reached at $6.494 billion. In addition, Pakistan’s liquid reserves are also lowered by $576.5 million to $13.996 billion.
On last Friday, the US Dollar hit the all time high value of Rs 142 in the inter bank market. However, the debt has also increased by PKR 760 billion owing to the rise in the value of US dollar.
USD to PKR came down as Rupee recovered against US Dollar. The recovery came after PM Imran Khan secured $6 billion Saudi loan from Saudi Arabia on an annual basis. However, it will be for one year in the form of cash assistance and oil on deferred payments. This agreement will be in place for at least three years.
Also Read: Rupee recovers against US Dollar
Following a steep increase in the US dollar’s price last week, the rupee made a recovery against the dollar in the inter bank market on Friday as it was trading at Rs 132.40 in the inter bank, down Rs 1.40 and closed at Rs 131.90, down by Rs 1.87.
A few days back, The Dollar rate in Pakistan significantly increased as the Pakistani Rupee fell to all time low value. The dollar was falling in the evening after the receiving of $10 million remittances into the market.
The interbank market has seen a 7.5% depreciation of Pakistani Rupee against the US dollar. However, the dollar was traded below Rs 134 on October 10.
Later, Pakistani rupee recovers against dollar in the inter bank market as ratio came down. The US dollar was traded at Rs 132.40 and lowered by Rs 1.40.
The factors are provided below for the further understanding.
- Changes in inflation cause fluctuation in currency exchange rates.
- Changes in financing cost influence money esteem and dollar conversion scale.
- Current account of any country reflects adjust of exchange and income on foreign investment.
- Government obligation is open obligation or national obligation possessed by the federal government.
- Identified with current records and adjust of installments, the terms of exchange is the proportion of fare costs to import costs.
- Political state of country and financial execution can influence its money quality.
- At the point when any country encounters a retreat, its loan fees are probably going to fall, diminishing its odds to gain outside capital.
- In the event that a nation’s cash esteem is required to rise, financial specialists will request a greater amount of that money with a specific end goal to make a benefit sooner rather than later.
International Forex Rates
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Inter Bank Forex Rates
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Currency rates are updated on regular basis. You can also check the gold rate in Pakistan here.