Foreign Exchange Rates in Pakistan

Foreign exchange rates play a significant role in the economy of Pakistan, as the country heavily relies on imports and exports. The fluctuation of foreign exchange rates can significantly impact the prices of imported goods, affect the competitiveness of exports, and ultimately affect the overall economic growth of the country.

Current Situation of Foreign Exchange Rates in Pakistan:
As of February 28th, 2023, the Pakistani Rupee (PKR) is trading at approximately 169.40 against the US Dollar (USD). The PKR has been depreciating against the USD over the past year, from around 156 PKR per USD in March 2022 to the current rate of approximately 169 PKR per USD. This depreciation has been attributed to various factors, including a widening current account deficit, inflationary pressures, and political instability in the country.

Factors Influencing Foreign Exchange Rates in Pakistan:
Economic Indicators: Economic indicators such as GDP, inflation, and trade balance can significantly impact foreign exchange rates in Pakistan. High inflation and a widening current account deficit can lead to a depreciation of the PKR.
Political Stability: Political instability and uncertainty can also impact foreign exchange rates in Pakistan, as investors may lose confidence in the country’s economic future.
Interest Rates: Interest rates in Pakistan and other countries can also affect foreign exchange rates, as higher interest rates can attract foreign investors seeking higher returns.
Currency Interventions: The State Bank of Pakistan (SBP) occasionally intervenes in the foreign exchange market to stabilize the PKR’s value. These interventions can impact the exchange rates.

Below, there is a chat available where you can verify the foreign exchange rate. The chat may provide you with up-to-date information on the exchange rates of various currencies, which can be useful if you are planning to travel abroad or engage in international transactions. You can also use this information to monitor the performance of different currencies in the global market