Currency Exchange Rates
Currency Exchange Rate is termed as the currency of one country with respect to the currency of another country or economic zone. The exchange rate is based upon a gold or any prior settled standard which enables each currency to be measured by the worth of the specific standard.
The currencies are traded 24/7 – round the clock and literally all the time – though there is a difference in trading times due to different time zones.
For instance, you have twenty dollars at your disposal. You need to pay in Pakistani Rupees, for instance. For this purpose, you will get your 20 dollars exchange by getting the best currency exchange rates.
What affects the demand of the currency?
The demand of the currency is affected by the tourism that it offers, international export and import that it conducts, mergers and acquisitions, speculation and the effects of geo-political risks.
For instance, if a hypothetical company that is located in China is selling products to a company in the United States of America and hence the company in the United States of America has to convert the US dollars to Chinese Renminbi to make the payment.
The conversion of US Dollars into Chinese Renminbi would consequently portray the rising demand for Chinese Renminbi. If the calculated total of the currency flow leads to a net demand for Chinese Renminbi, it would indicate an increase in the value of this currency.
As of today, 31st of December 2022, your amount of 20 dollars will convert to a whopping amount of 35 Pakistani Rupees!
The best exchange rates can be availed at Muhammadi Exchange that is found all over Pakistan. The motto of Muhammadi Exchange revolves around utmost customer satisfaction. Providing the best rates, we provide confidentiality and instantaneous exchange rates for the currencies.
Most exchange rates are free-floating in nature, and tend to rise or fall with respect to demand and supply as per the requirement of the market.
The US Dollar maintained its position as an important international reserve currency after the First World War took place. This currency is widely used for international transactions furthermore it is used as an official currency in several countries.
The dollar rate fluctuates depending upon the flow of currency in and out of the country. If a particular currency is in high demand, it ordinally states that the value of that currency will be raised.
The dollar rate as of today, dating 31st of December has escalated to:
Pakistani Rupee: 178.67 PKR
US Dollar rate : 1 $
The Australian Dollar is referred to as A$ or AU$ and the Australian Rate is 128.96 PKR.
The Australian roller is further divided into 100 cents. In the year of 2011, the Australian rate was comparatively higher as it was considered to be the fifth most commonly traded currency in the entire world.
Pakistani Rupee: 128.96
Australian Rate: 1 AU$
The Pounds Rate Sterling is the most historical and oldest currency to exist. It is known as the fourth most exchanged currency in the foreign exchange market.
The Pounds rate is officially the national currency of:
- United Kingdom
- Isle of Man
- South Sandwich Islands
- The British Antarctic Territory
- South Georgia
The Pounds rate as of today, dating 31st of December has escalated to:
Pakistani Rupee: 241.49 PKR
Pounds rate Sterling: 1 GBP
The (euro rate ) European Union holds the Euro rate as a monetary unit. It is widely symbolised by €.
Euro rate was initiated as a monetary unit without any actual cash in 1999, the currency notes and coins were closely followed and were finally issued in 2002.
The Euro rate as of today, dating 31st of December has escalated to:
Pakistani Rupee: 202.21 PKR
Euro : 1 €
Riyal rate is the currency of Saudi Arabia and of Qatar. An agency was established named The Saudi Arabian Monetary Agency, that has the sole authority to issue coins and banknotes in the kingdom.
The Riyal rate as of today, dating 31st of December has escalated to:
Pakistani Rupee: 47.58 PKR
Riyal rate : 1 SAR
The currency of the United Arab Emirates is Dirhams with the code AED. The dirham rate is further categorised om 100 fils.
The UAE dirham rate was first established on 19 May 1973 while the Qatar and Dubai riyal were passed in 1966 in the entire emirates except Abu Dhabi.
The Dirham rate as of today, dating 31st of December has escalated to:
Pakistani Rupee: 48.64 PKR
Dirham Rate : 1 UAE
We can observe a combined reaction of positive and negative effects when it comes to changes in interest rates. Central banks accommodate accordingly and increase the rates when the economy is super strong while decreasing the rates when the economy is slow.