Dollar Rate in Pakistan Today Open Market (2024)

Currency Rate in Pakistan today Open Market latest updated are on 28 May, 2024 US Dollar to PKR 280.20, Saudi Riyal to PKR 74.20, Euro to PKR 301.00, UAE Dirham to PKR 75.90, British Pound to PKR 353.00 conforming to the Forex Association of Pakistan. As well as further Buying and Selling rates are given below.

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The currency exchange rate in Pakistan is determined by the supply and demand of the Pakistani Rupee (PKR) in the foreign exchange market. The value of the PKR can fluctuate based on a variety of factors, including economic conditions in Pakistan and global market trends. As of 2021, the PKR is typically traded at around 160-170 to 1 US dollar. However, it is important to note that currency exchange rates can change frequently and may be affected by political and economic events.

Open Market Rates in Pakistan

Open market rates in Pakistan refer to the exchange rates at which the Pakistani rupee is traded against other currencies in the open market. These rates are determined by supply and demand for various currencies, and can fluctuate based on a variety of economic and political factors. The State Bank of Pakistan (SBP) also plays a role in setting exchange rates by buying and selling foreign currencies in the open market. The open market rate can be different from the official exchange rate set by the SBP.

Dollar Rate in Pakistan Today Open Market

The open market exchange rate of the USD to PKR fluctuates on a daily basis. The rate is determined by supply and demand in the foreign exchange market, which can be affected by a number of factors such as inflation, government debt, interest rates, trade balances and political stability. The open market rate may be different from the official exchange rate set by the State Bank of Pakistan. It is always recommended to check the current open market rate from authentic sources such as authorized currency exchange dealers or online resources before converting any currency.

How to Exchange Currency in Pakistan

In Pakistan, you can exchange currency at authorized dealers such as commercial banks and currency exchange companies. These dealers may have slightly different exchange rates and fees, so it's a good idea to shop around for the best deal. You will need to present a valid government-issued ID, such as a passport or national ID card, to complete the transaction. Some dealers may also require additional documentation, such as proof of residence or income. Additionally, there are also some apps and websites like Skrill, Paypal, Payoneer that allows to transfer money from one country to another with very low fees and also you can use these platforms to transfer money from foreign countries to Pakistan.

Difference Open Market & Interbank Rates

The open market and interbank market are two different types of financial markets where different financial instruments are traded.

The open market is a market where securities, such as government bonds and stocks, are traded between investors and institutions. This market is open to the public and is regulated by the government. In open market exchange rate of currency is determined by the supply and demand of the currency.

The interbank market, on the other hand, is a market where banks and financial institutions trade with each other. This market is not open to the public and is not regulated by the government. In interbank market, banks trade currencies, short-term interest rate products, and other financial instruments with each other at prices that are determined by supply and demand.

In summary, the open market is a market for securities that is open to the public, whereas the interbank market is a market for financial instruments that is only open to banks and financial institutions.