The exchange rate between the UAE Dirham (AED) and the Pakistani Rupee (PKR) has been a point of interest due to recent fluctuations stemming from economic challenges tied to political instability. On September 6, 2023, the State Bank of Pakistan (SBP) recorded the closing interbank exchange rate for AED to PKR at Rs. 83.97. This rate reflects the value of 1 UAE Dirham in Pakistani Rupees and has seen a slight increase compared to the previous day when it was Rs. 83.58. These daily rate fluctuations are influenced by various factors, including foreign currency demand in the market.
The Pakistani Rupee’s depreciation can be attributed primarily to ongoing political instability within the country. Such instability can lead to investor uncertainty and capital flight, impacting the local currency’s value. Central banks, like the SBP, often intervene in currency markets to stabilize their currency’s value in response to such circumstances.
Additionally, exchange rates are influenced by the demand for foreign currency. Factors contributing to this demand include trade relations, investment opportunities, and remittances from overseas Pakistanis.
It is essential to note that open market rates for AED to PKR typically slightly exceed interbank rates. As of September 6, 2023, the open market buying rate for AED to PKR is 87.70, with a selling rate of 88.50.
Individuals seeking to exchange currency should be aware of these variations and consider comparing rates at local banks or forex exchange dealers to secure the most favorable deal.
