In the realm of finance and global economics, currency exchange rates play a pivotal role. For individuals and businesses engaged in international transactions, keeping a close eye on these rates is crucial. In this article, we provide you with the latest information on the USD to PKR (US Dollar to Pakistani Rupee) exchange rate in Pakistan as of October 30, 2023.
USD to PKR Exchange Rate Today
As of October 30, 2023, the exchange rate for 1 US Dollar (USD) stands at Rs. 280.95 Pakistani Rupees (PKR). This rate is the interbank closing exchange rate, and it is officially provided by the State Bank of Pakistan (SBP) at the conclusion of each working day.
The Interbank Rate vs. Open Market Rate
It’s important to note that the rate mentioned above is the interbank closing rate. The State Bank of Pakistan regulates and reports this rate daily. However, it’s vital to understand the distinction between the interbank rate and open market rates.
While all incoming remittances are credited to customers’ accounts based on the interbank rate, outward transactions, such as the purchase of foreign currency, are charged at open market rates by banks. This means that when individuals or businesses buy foreign currency from banks, they are typically charged at open market rates, while the banks buy foreign currency at the interbank rate.
Recent Changes in the USD to PKR Exchange Rate
To put the current exchange rate into perspective, on October 27, 2023, the USD was valued at Rs. 280.57 against the PKR. In a slight shift, it has appreciated by Rs. 0.38, resulting in the new exchange rate of Rs. 280.95 on October 30, 2023. This change reflects fluctuations in the currency market, which can be influenced by various economic and geopolitical factors.
Historical Data: USD to PKR Exchange Rates (Last 7 Business Days)
For a broader view of the USD to PKR exchange rate trends, here are the rates for the last 7 business days:
- 30 October 2023: Rs. 280.95 (+0.38)
- 27 October 2023: Rs. 280.57
- 26 October 2023: Rs. 280.09
- 25 October 2023: Rs. 279.88
- 24 October 2023: Rs. 279.43
- 23 October 2023: Rs. 279.12
- 20 October 2023: Rs. 278.80
These historical rates provide insight into the USD to PKR exchange rate’s recent performance, aiding individuals and businesses in making informed decisions related to foreign exchange.
In conclusion, the USD to PKR exchange rate on October 30, 2023, is Rs. 280.95, indicating a slight appreciation of the US Dollar. It’s essential to stay updated with these rates, especially if you are involved in international trade, investments, or remittances. Exchange rates are dynamic and can be influenced by various economic and geopolitical factors, so keeping an eye on them is a prudent financial practice.