The UAE Dirham (AED) to Pakistani Rupee (PKR) (AED to PKR) exchange rate on October 3, 2023, is Rs. 78.07. This is the interbank rate, which is the rate at which banks and financial institutions exchange currencies. The open market rate, which is the rate at which individuals and businesses exchange currencies, is typically slightly higher.
The AED to PKR exchange rate has risen significantly in recent days following the depreciation of the Pakistani Rupee amid the economic crisis caused by political instability. Furthermore, these rates fluctuate based on the foreign currency demand in the market.
Factors that can affect the AED to PKR exchange rate
In addition to the factors listed above, there are a number of other factors that can affect the AED to PKR exchange rate, including:
- Economic conditions in the UAE and Pakistan: The strength of the UAE and Pakistani economies can have a significant impact on the exchange rate. If the UAE economy is doing well, the AED is likely to appreciate against the PKR. If the Pakistani economy is doing well, the PKR is likely to appreciate against the AED.
- Inflation rates in the UAE and Pakistan: If inflation is higher in Pakistan than in the UAE, the PKR is likely to depreciate against the AED. This is because inflation reduces the purchasing power of the PKR.
- Interest rates in the UAE and Pakistan: If interest rates are higher in the UAE than in Pakistan, the AED is likely to appreciate against the PKR. This is because investors are more likely to invest in UAE assets, which offer higher returns.
- Remittances: Remittances from the UAE to Pakistan play a significant role in the Pakistani economy. If there is a change in the volume of remittances, it can also affect the exchange rate.
- Speculation: Currency traders can also affect the exchange rate by buying and selling UAE Dirhams and Pakistani Rupees. If there is a lot of speculation in the market, it can lead to volatility in the exchange rate.
How to get the best AED to PKR exchange rate
If you are planning to send or receive money between the UAE and Pakistan, there are a few things you can do to get the best exchange rate:
- Compare exchange rates from different banks and currency exchange bureaus: The exchange rate can vary significantly from one bank or exchange bureau to another. It is important to compare exchange rates from different providers before making a transaction.
- Choose a bank or exchange bureau that offers no fees or low fees: Some banks and exchange bureaus charge fees for currency exchange transactions. It is important to choose a provider that offers no fees or low fees.
- Be aware of the market conditions: The AED to PKR exchange rate can fluctuate frequently. It is important to be aware of the market conditions before making a transaction. You can use a currency converter online or at a bank to track the exchange rate over time.
By following these tips, you can get the best exchange rate for your AED to PKR transactions.
It is pertinent to mention that incoming remittances to Pakistan are credited to the customers’ accounts based on the interbank rate prevalent at the time unless specified by the sending bank.
The open market rate for AED to PKR is slightly higher than interbank rates, so it is advised to please check with your bank or closest forex exchange dealer.