Exchanging currencies is a crucial aspect of international trade and travel, and the USD to PKR exchange rate is of particular interest to those dealing with transactions between the United States and Pakistan. Understanding the current exchange rate, historical trends, and factors influencing the value of the Pakistani Rupee can help individuals and businesses make informed decisions when converting USD to PKR or vice versa.
USD to PKR Exchange Rate
Current USD to PKR Mid-Market Rate
As of June 19, 2024, at 12:38 UTC, the mid-market exchange rate for USD to PKR is 1 USD = 278.52 PKR. Conversely, 1 PKR is equal to 0.00359028 USD. This rate represents the average of the buy and sell rates offered by global currency providers, excluding any fees or commissions.
It’s important to note that the actual exchange rate you receive may vary depending on the provider and the type of transaction. Some providers may charge additional fees or offer less favorable rates, so it’s essential to compare options before making a currency conversion.
USD to PKR Conversion Rates for Common Amounts
To help you quickly estimate the value of common USD amounts in PKR, here are some conversion rates:
- 1 USD = 278.52 PKR
- 5 USD = 1,392.60 PKR
- 10 USD = 2,785.20 PKR
- 25 USD = 6,963.00 PKR
- 50 USD = 13,926.00 PKR
- 100 USD = 27,852.00 PKR
- 500 USD = 139,260.00 PKR
- 1,000 USD = 278,520.00 PKR
- 5,000 USD = 1,392,600.00 PKR
- 10,000 USD = 2,785,200.00 PKR
PKR to USD Conversion Rates for Common Amounts
Similarly, here are some conversion rates for common PKR amounts to USD:
- 1 PKR = 0.00359 USD
- 5 PKR = 0.01795 USD
- 10 PKR = 0.03590 USD
- 25 PKR = 0.08976 USD
- 50 PKR = 0.17951 USD
- 100 PKR = 0.35903 USD
- 500 PKR = 1.79514 USD
- 1,000 PKR = 3.59028 USD
- 5,000 PKR = 17.95139 USD
- 10,000 PKR = 35.90278 USD
Exchange Rate Fluctuations and Volatility
Currency exchange rates are subject to fluctuations due to various economic, political, and market factors. Over the past 30 and 90 days, the USD to PKR exchange rate has experienced the following highs, lows, averages, and volatility:
| Period | Highest | Lowest | Average | Volatility |
|---|---|---|---|---|
| 30 Days | 278.67 | 277.97 | 278.49 | 0.07% |
| 90 Days | 278.70 | 277.52 | 278.31 | 0.08% |
These statistics provide insight into the stability of the USD to PKR exchange rate over the past month and quarter. A lower volatility percentage indicates a more stable exchange rate, while a higher percentage suggests greater fluctuations.
Pakistani Rupee (PKR) Overview
Key Information about the Pakistani Rupee
The Pakistani Rupee (PKR) is the official currency of Pakistan, with the currency code “PKR” and the symbol “₨”. It is a fiat currency, meaning its value is not backed by a physical commodity such as gold but is instead determined by market forces and government regulations.
The Pakistani Rupee is divided into 100 subunits called paise, with coins frequently used in denominations of 1, 2, and 5 rupees. Banknotes are issued in denominations of 10, 50, 100, 500, and 1,000 rupees, with the State Bank of Pakistan serving as the central bank responsible for issuing and regulating the currency.
History of the Pakistani Rupee
The modern Pakistani Rupee was introduced in 1947 following the dissolution of the British Raj and the partition of India. Initially, the Pakistani Rupee was linked to the British Pound, but it transitioned to a decimal currency system in 1961, replacing annas with paise as subunits.
Throughout its history, the Pakistani Rupee has experienced several devaluations, particularly in 2008 and 2021, due to various economic and political factors. These devaluations have impacted the PKR’s exchange rate against major currencies like the US Dollar (USD).
Role of the State Bank of Pakistan
The State Bank of Pakistan (SBP) plays a crucial role in managing the Pakistani Rupee and implementing monetary policies. As the central bank, the SBP is responsible for issuing currency, regulating the banking system, and maintaining financial stability in the country.
The SBP also intervenes in the foreign exchange market to manage the PKR’s value and prevent excessive volatility. By adjusting interest rates, reserve requirements, and other monetary policy tools, the central bank aims to promote economic growth, control inflation, and maintain the stability of the Pakistani Rupee.
Converting and Transferring USD to PKR
Options for Converting USD to PKR
When converting USD to PKR, there are several options available, each with its own advantages and considerations:
- Banks: Many banks offer currency exchange services, allowing customers to convert USD to PKR at a branch or through online banking. However, banks often charge higher fees and may not offer the most competitive exchange rates.
- Currency Exchange Offices: Specialized currency exchange offices, such as those found in airports or tourist areas, provide in-person currency conversion services. While convenient, these offices may also charge higher fees and offer less favorable rates compared to other options.
- Online Currency Converters: Websites like XE.com and Oanda.com allow users to convert USD to PKR online, providing real-time exchange rates and helpful tools such as historical rate charts and rate alerts. However, these services do not typically allow for the physical exchange of currency.
- Online Money Transfer Services: Platforms like Western Union and Transferwise enable users to convert and send USD to PKR electronically, often at competitive rates and with lower fees compared to traditional banks. These services are particularly useful for international money transfers.
Using Online Money Transfer Services
Online money transfer services have gained popularity due to their convenience, speed, and often more favorable exchange rates compared to banks. To use these services, you typically need to create an account, provide recipient details, and fund the transfer using a bank account, credit card, or debit card.
One notable example is Western Union, which facilitates international money transfers in various currencies, including USD to PKR. With a presence in over 200 countries and territories, Western Union allows customers to send money online, through their mobile app, or in person at one of their many locations worldwide.
Security and Convenience of Money Transfers
When using online money transfer services, security is a top priority. Reputable providers like Western Union employ advanced encryption and fraud prevention measures to protect sensitive information and ensure the safety of transactions. They also offer convenient features such as real-time tracking, allowing users to monitor the status of their transfers using a unique MTCN (Money Transfer Control Number).
Moreover, these services often provide a range of payment options, including bank transfers, credit cards, and debit cards, giving users flexibility in funding their transfers. However, it’s important to note that credit card usage may incur additional fees, so it’s advisable to review the terms and conditions before proceeding with a transaction.
See also:
- Pakistani Currency Exchange Rate: USD to PKR, AED to PKR, PKR to USD
- Indian Currency Exchange Rate: USD to INR Conversion – Xe
- Convert US Dollars to Nepalese Rupees – NPR Exchange Rate
- Mauritius Currency Exchange Rate: USD to MUR | INR to MUR
- USD to LKR – US Dollars to Sri Lankan Rupees Exchange Rate
