In a dynamic financial landscape, the exchange rates for the US Dollar to Pakistani Rupee (USD to PKR) experienced a slight shift today. Here’s a breakdown of the latest developments in the currency market:
Interbank Market Update:
Today, on November 23, 2023, the interbank market witnessed the USD to PKR rate at Rs. 285.79. Despite a marginal decrease of Rs. 0.66 compared to yesterday’s closing, the interbank rate remains a key factor for incoming remittances, impacting customers’ account credits.
Open Market Dynamics:
The open market, reflecting real-time transactions, presents a buying rate of PKR 283.65 and a selling rate of PKR 286.50 for the US Dollar on November 23, 2023. Notably, banks are implementing a dual-rate system, charging customers based on open market rates for buying foreign currency while selling at interbank rates.
Open Market Rate
| DATE | BUYING | SELLING |
|---|---|---|
| 23 Nov 23 | PKR283.65 | PKR286.50 |
Intraday Comparison:
Today’s figures show a nuanced picture of the USD to PKR exchange rate. The interbank market closed at Rs. 285.13, experiencing a slight dip of Rs. 0.66 from the previous day. This fluctuation emphasizes the dynamic nature of the forex market.
Bank Practices:
It’s crucial to highlight that incoming remittances are credited to customers based on the interbank rate, whereas outward transactions incur charges at open market rates. This banking approach underscores the significance of understanding the dual-rate system.
As individuals and businesses engage in foreign currency transactions, the interplay between interbank and open market rates remains a focal point, influencing financial decisions and transactions.
 experienced a slight shift today. Here's a breakdown of the latest developments in the currency market:){kind=link}