USD Exchange Rate: Pakistani Rupee Falls Slightly Against Greenback
British Pound (GBP) Traded at Rs358.61 Selling and Rs357.97 Buying
Introduction
The Pakistani rupee experienced slight fluctuations against the US Dollar (USD) during intra-day trading on Tuesday. This change reflects minor shifts in currency demand. Here, we delve into the details of the currency exchange rates for various currencies against the Pakistani rupee and explore the implications for the local economy and global financial markets.
Current Exchange Rates
US Dollar (USD)
The greenback is currently trading at Rs277.90 in the interbank market. According to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs277.75 and Rs278.25 respectively.
Euro (EUR)
The euro traded at Rs299.08 for selling and Rs298.54 for buying.
British Pound (GBP)
The British pound, one of the highest-valued currencies against the PKR, sold at Rs358.61 and bought at Rs357.97.
Swiss Franc (CHF)
The Swiss franc recorded a selling rate of Rs318.68 and a buying rate of Rs318.11.
Canadian Dollar (CAD)
The Canadian dollar was sold at Rs199.91 and bought at Rs199.55.
Australian Dollar (AUD)
The Australian dollar had a selling rate of Rs181.50 and a buying rate of Rs181.18.
Gulf Region Currencies
UAE Dirham (AED)
The UAE dirham had a selling rate of Rs76.29 and a buying rate of Rs76.16.
Saudi Riyal (SAR)
The Saudi riyal was slightly lower, with a selling rate of Rs74.09 and a buying rate of Rs73.96.
Qatari Riyal (QAR)
The Qatari riyal held steady with a selling rate of Rs76.36 and a buying rate of Rs76.22.
Asian Currencies
Chinese Yuan (CNY)
The Chinese yuan traded with a selling rate of Rs39.16 and a buying rate of Rs39.09.
Japanese Yen (JPY)
The Japanese yen recorded a selling rate of Rs1.8074 and a buying rate of Rs1.8042.
Highest-Valued Currency
Kuwaiti Dinar (KWD)
The Kuwaiti dinar remained the highest-valued currency against the PKR, with a selling rate of Rs906.78 and a buying rate of Rs905.15.
Cryptocurrency Market
Bitcoin Surges to New Highs
Bitcoin reached a new all-time high of $75,000 overnight, driven by speculation that former President Donald Trump was gaining momentum in the U.S. election. As election results trickled in, the cryptocurrency surged by 7%, reaching $74,392 after briefly hitting its previous record of $73,797.68 in March.
Coinbase and MicroStrategy also saw gains, rising by 3% and 4%, respectively, as investors anticipated heightened volatility in the markets until a clear winner emerged.
Election Impact on Cryptocurrency
The potential outcome of the election has become a significant driver for cryptocurrency, with analysts predicting potential price movements based on the result.
Pakistan Stock Exchange (PSX) Performance
Strong Performance Continues
The Pakistan Stock Exchange (PSX) continued its strong performance on Tuesday, reaching a new high following a 2.5-percentage-point cut in the policy rate and strong remittances in October 2024.
The KSE-100 index rose by 366 points, surpassing the 92,000 mark, supported by a surge in cement exports, an expected $500 million in funding from the Asian Development Bank (ADB), and rising global oil prices.
Key Contributors to the Rally
Key contributors to the rally included Lucky Cement, Hub Power, and Oil and Gas Development Company. However, banking stocks, including United Bank Limited and Habib Bank Limited, weighed on the index.
Economic Indicators and Investor Confidence
The policy rate cut and favorable economic indicators boosted investor confidence, with over $3 billion in remittances also playing a significant role.
The benchmark KSE-100 index closed at 92,304.32, a 0.4% increase, with trading volumes rising to 752.7 million shares.
Leading Trading Volumes
Power Cement led trading volumes, and foreign investors sold shares worth Rs97.6 million. Investors are also anticipating changes in the MSCI weight for Pakistan after the November 6 MSCI review, which could further benefit the market.
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FAQs
1. What caused the slight fluctuation in the Pakistani rupee against the US dollar?
The fluctuation in the Pakistani rupee against the US dollar was due to minor shifts in currency demand during intra-day trading.
2. How did the British pound (GBP) perform against the Pakistani rupee?
The British pound was sold at Rs358.61 and bought at Rs357.97, maintaining its position as one of the highest-valued currencies against the Pakistani rupee.
3. What factors contributed to Bitcoin’s new all-time high?
Bitcoin’s new all-time high was fueled by speculation that former President Donald Trump was gaining momentum in the U.S. election, driving up investor interest and resulting in a 7% surge in the cryptocurrency’s value.
4. What were the key drivers behind the strong performance of the Pakistan Stock Exchange (PSX)?
The strong performance of the PSX was driven by a 2.5-percentage-point cut in the policy rate, strong remittances in October 2024, a surge in cement exports, expected funding from the Asian Development Bank (ADB), and rising global oil prices.
5. How did foreign investors influence the trading volumes on the Pakistan Stock Exchange?
Foreign investors sold shares worth Rs97.6 million, impacting the trading volumes and overall market activity on the Pakistan Stock Exchange.
