The financial landscape is ever-evolving, and one crucial aspect of it is the exchange rate. For those keen on keeping track of the Dollar to PKR (US Dollar to Pakistani Rupee) exchange rate in Pakistan, September 13, 2023, was a day of interest. On this date, the interbank rate for the US Dollar to Pakistani Rupee stood at Rs. 299.89 at the start of the business day.
Interbank vs. Open Market Rates
Understanding the dynamics between interbank and open market rates is crucial for anyone dealing with foreign exchange in Pakistan. While the interbank rate serves as a benchmark, the rates provided by banks or forex exchange companies in the open market are typically slightly higher.
When it comes to processing transactions, there’s a noteworthy difference. All incoming remittances are credited to customers’ accounts based on the interbank rate. In contrast, outward transactions are charged according to open market rates. This difference in treatment stems from how banks operate in the foreign currency market. Banks charge customers at open market rates when purchasing foreign currency but sell the same currency at interbank rates.
The Previous Day’s Closing Rate
The exchange rate for the US Dollar against the Pakistani Rupee (PKR) at the closing of the interbank market on Tuesday, September 12, 2023, was Rs. 299.89. However, it’s important to note that exchange rates can fluctuate throughout the day based on various economic factors and market conditions. Therefore, the new closing rate for USD to PKR for September 13, 2023, would be updated at the end of the business day, reflecting the latest developments.
FAQs (Frequently Asked Questions)
1. What is the Dollar to PKR exchange rate in Pakistan on September 13, 2023?
- The interbank rate for the US Dollar to Pakistani Rupee at the start of the business day on September 13, 2023, was Rs. 299.89.
2. How do interbank and open market rates differ in Pakistan?
- Interbank rates are typically slightly lower than open market rates. Banks use interbank rates for crediting incoming remittances to customers’ accounts and open market rates when charging for outward transactions.
3. What was the closing rate for USD to PKR on September 12, 2023?
- The closing rate for the US Dollar against the Pakistani Rupee on September 12, 2023, was Rs. 299.89 in the interbank market. However, exchange rates can fluctuate during the day.
4. Why do exchange rates fluctuate during the day?
- Exchange rates can fluctuate due to various factors, including economic news, geopolitical events, market sentiment, and supply and demand dynamics in the foreign exchange market.
5. How can I stay updated on the latest exchange rates in Pakistan?
- You can stay updated on the latest exchange rates by checking financial news websites, using currency converter apps, or contacting your bank or forex exchange company for real-time rates.
Keep in mind that exchange rates are subject to change, and it’s advisable to consult official sources or financial experts for the most up-to-date information before making any currency-related transactions.
USD to PKR Exchange Rate in Pakistan Today
| DATE | EXCHANGE RATE (PKR) | CHANGE (PKR) |
|---|---|---|
| 13 September 2023 | Rs. 299.89 | – |
| 12 September 2023 | Rs. 299.89 |