Pakistan Forex Rates

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Current Pakistani Rupees PKR International Forex Rates

Updated at : 16/12/2011 10:26 AM (PST) All Rates are in this order: Currency Buying Selling --- Australian Dollar 87.5 90 --- Canadian Dollar 85.5 87.5 --- China Yuan 13 13.5 --- Euro 115.7 117.5 --- Japanese Yen 1.130 1.145 --- Saudi Riyal 23.8 24 --- U.A.E Dirham 24.3 24.6 --- UK Pound Sterling 138 140 --- US Dollar 89.55 90.1

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The following text is courtesy of Wikipedia (the free online encyclopaedia)

The foreign exchange market (forex, FX, or currency market) is a global, worldwide-decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies.

The foreign exchange market assists international trade and investment, by enabling currency conversion. For example, it permits a business in the United States to import goods from the United Kingdom and paypound sterling, even though its income is in United States dollars. It also supports direct speculation in the value of currencies, and the carry trade, speculation on the change in interest rates in two currencies.^[2]

In a typical foreign exchange transaction, a party purchases a quantity of one currency by paying a quantity of another currency. The modern foreign exchange market began forming during the 1970s after three decades of government restrictions on foreign exchange transactions (the Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states after World War II), when countries gradually switched to floating exchange rates from the previous exchange rate regime, which remained fixed as per the Bretton Woods system.

The foreign exchange market is unique because of

its huge trading volume representing the largest asset class in the world leading to high liquidity;
its geographical dispersion;
its continuous operation: 24 hours a day except weekends, i.e. trading from 20:15 GMT on Sunday until 22:00 GMT Friday;
the variety of factors that affect exchange rates;
the low margins of relative profit compared with other markets of fixed income; and
the use of leverage to enhance profit and loss margins and with respect to account size.