Today's Exchange Rate: GBP to PKR on 24th October 2023
The GBP to PKR exchange rate is an important factor in global trade and finance. On October 24, 2023, it underwent a remarkable change, affecting various sectors of Pakistan's economy.
Current exchange rate
On Tuesday, October 24, 2023, the value of one UK Pound in Pakistan rose to Rs. 343.9, with a selling rate of Rs. 346. This marks a slight increment of Rs. 1.30 compared to the prior day's rate, which stood at Rs. 342.6 on October 23, 2023.
| Date | Latest Exchange Rate | CHANGE |
|---|---|---|
| October 24, 2023 | Rs. 343.9 | Rs1.30 |
| October 23, 2023 | Rs. 342.6 | - |
Factors Affecting Exchange Rates
A number of factors cause exchange rates to fluctuate, and it is important to understand these dynamics to understand why the GBP to PKR rate has changed. Some important factors include:
| Economic Indicators: | Economic data, such as GDP growth, inflation rates, and employment figures, can significantly affect exchange rates. A strong UK economy could lead to a stronger pound and a higher exchange rate against the PKR. |
| Interest Rates: | Central bank interest rates, like those set by the Bank of England and the State Bank of Pakistan, can influence the attractiveness of a currency for investors. Higher interest rates typically lead to a stronger currency. |
| Political Stability: | Political events, elections, or policy changes can create uncertainty in a country, causing its currency to weaken. On the other hand, stability can lead to a stronger currency. |
| Market Sentiment: | The foreign exchange market is influenced by the perception of traders and investors. Factors like geopolitical tensions, global economic conditions, and news events can trigger sentiment-driven movements. |
Impact on Various Sectors
The change in the GBP to PKR exchange rate can have significant implications for different sectors in Pakistan:
| Imports and Exports: | A stronger pound means that Pakistani businesses will need to spend more PKR to purchase goods and services from the UK, potentially increasing the cost of imports. Conversely, it could make Pakistani exports more competitive in the UK market, boosting exports. |
| Tourism: | A higher exchange rate might encourage more Pakistani tourists to visit the UK, as their PKR will have greater purchasing power. |
| Foreign Investment: | A stronger PKR relative to GBP could make Pakistan a more attractive destination for foreign investors, as their investments will have higher purchasing power. |
| Inflation: | Exchange rate fluctuations can affect the prices of imported goods and services, potentially impacting domestic inflation rates. |
The GBP to PKR exchange rate is affected by a range of economic, political and market factors. The slight increase in the GBP to PKR rate on 24 October 2023 indicates the ever-changing dynamics in the global currency market. These changes It is important for businesses, policy makers and individuals to stay informed, as exchange rates significantly affect the global financial landscape, affecting trade, investment and economic stability.
