The UAE Dirham has experienced a notable increase in value against the Pakistani Rupee. Exchange rates for currencies are subject to frequent fluctuations, influenced by a range of economic, political, and global market factors. These fluctuations can result in changes to the exchange rate over short periods of time.
In the ongoing fiscal year, the Pakistani Rupee (PKR) has experienced a decline of 16.01 rupees against the US Dollar, representing a depreciation of 5.3%. Moreover, within the current calendar year, the PKR has witnessed a substantial depreciation of 75.57 rupees against the Dollar, reflecting a notable decrease of 25.02%.
In comparison to major currencies, the Pakistani Rupee (PKR) experienced losses: it fell by 1.34 rupees against the Euro, closing at 326.16 (previously 324.81); the British Pound grew pricier by 79.75 paisa, closing at 379.67 (from 378.87);and the Saudi Riyal increased by 27.49 paisa, moving from 81.95 to 82.223.
As of August 28, 2023, the prevailing exchange rate between the United Arab Emirates dirham (AED) and the Pakistani rupee (PKR) stands at 1 AED = 82.496 PKR. A decline in the value of the national currency relative to the Dollar can impact various aspects of the economy, including import costs, inflation rates, and trade balances. A weaker currency can lead to increased costs for importing goods and services, potentially driving up prices for consumers. Additionally, a substantial depreciation can also affect investor confidence and international trade dynamics.