AED to PKR Exchange Rate Today In Pakistan – 17 May 2024

The current AED to PKR buying exchange rate is Rs. 75.74 as per the Pakistan Interbank Market on May 17, 2024, and the AED/PKR selling exchange rate for 1 U.A.E. Dirham is PKR 76.00 today at the Open Market. You can convert your desired dirham to PKR currency easily by using our currency conversion tool.

Below, you can see U.A.E. Dirham to PKR currency charts as per the Pakistan Interbank Market, which provide daily updates and market trends on the AED to PKR exchange rate. We ensure you get the real, mid-market exchange rate every time, helping you make huge savings on international money transfers.

Current AED to PKR Exchange Rate

On Thursday, the exchange rate between the UAE Dirham (AED) and the Pakistani Rupee (PKR) was recorded at Rs. 75.74, indicating a reduction of 6 paisas in comparison to the previous rate of Rs. 75.80. This shift in the AED to PKR exchange rates within Pakistan’s currency exchange environment is of significance, especially as the interbank conversion rate currently stands at Rs. 75.74.

Dirham Rate Interbank Market

Source: State Bank of Pakistan (SBP)

Factors Affecting AED to PKR Rate

The exchange rate among two currencies is influenced by various factors, which can be broadly categorized into financial factors, political elements, and market sentiment. It is crucial to note that exchange quotes are also influenced by supply and demand dynamics within the forex market. When the demand for a currency is high, its price increases, and when the supply is high, its value decreases. Factors such as trade balances, capital flows, and foreign reserves can affect supply and demand, thereby impacting the exchange rate.

Historical AED to PKR Rate Trends

The exchange rate between the United Arab Emirates dirham (AED) and the Pakistani rupee (PKR) has witnessed significant fluctuations over time. Understanding the historical trends can provide valuable insights into the factors that have influenced the exchange rate dynamics between these two currencies. The table below presents the historical AED to PKR exchange rates over the past few months:

Understanding the historical trends of the dirham to Pakistani rupee exchange rate can offer companies, investors, and individuals valuable insights to make informed decisions concerning trade, investments, and remittances between the United Arab Emirates and Pakistan.

Methods of Converting AED to PKR

There are several methods available for converting United Arab Emirates Dirhams (AED) to Pakistani Rupees (PKR). The most convenient and widely used options include online currency converters and banks/money exchangers.

Online Currency Converters

Online currency converters offer a hassle-free and accessible way to convert AED to PKR. To use an online converter, follow these simple steps:

1. Go to wise.com
2. Enter the amount you wish to convert in the designated field.
3. Select AED from the first drop-down menu as the currency you want to convert.
4. Choose PKR from the second drop-down menu as the currency you want to convert to.

The converter will instantly display the current AED to PKR exchange rate and the equivalent amount in Pakistani Rupees. Many online converters also provide historical exchange rate data, allowing you to track fluctuations over time.

Banks and Money Exchangers

Another option for converting AED to PKR is to visit a bank or money exchanger. These institutions offer currency exchange services, allowing you to exchange your AED for PKR at the prevailing market rate. ¹⁴

When using banks or money exchangers, it’s essential to be aware of potential hidden fees or markups on the exchange rate. While some institutions may advertise free or low-cost transfers, they often incorporate a markup into the exchange rate, resulting in higher costs for the customer.

To avoid overpaying, it’s recommended to compare rates across multiple banks and money exchangers. Additionally, some specialized online money transfer services, such as Wise, offer the real, mid-market exchange rate without hidden fees, potentially saving you significant amounts on international money transfers.

Regardless of the method you choose, it’s crucial to exercise caution and thoroughly research the exchange rates and fees associated with the service provider to ensure you get the best value for your money.

Remittances from UAE to Pakistan

Remittances from Pakistani expatriates working in the United Arab Emirates (UAE) have exhibited year-on-year growth during the first nine months of the current financial year, according to data released by the State Bank of Pakistan. In the initial nine months of the ongoing fiscal year, Pakistani workers in the UAE sent foreign exchange amounting to $3.669 billion to their home country, reflecting a 1% increase compared to the same period in the previous financial year.

The State Bank’s report highlights a notable surge in remittance volumes from Pakistani workers in the UAE during March 2024. Remittances recorded in the month amounted to $548 million, marking a substantial 34% rise compared to March of the preceding year, when Pakistanis working in the UAE remitted $410 million in foreign exchange to Pakistan.

Impact on Pakistani Expatriates

The availability of foreign exchange through remittances has not only helped recipient countries like Pakistan achieve reasonably high economic growth by reducing the current account deficit, but it has also reduced their external borrowing as well as external debt burden. For capital-deficient countries like Pakistan, workers’ remittances are considered an important source of foreign exchange, positively impacting the economy through an improved balance of payments position and reduced dependence on external borrowing.

Significant flows of remittances have also helped Pakistan recover from the adverse effects of oil price shocks, reduced the unemployment problem, and improved the standard of living of recipient households. It is hypothesized that since workers’ remittances are used to supplement domestic investment and consumption, they must have contributed to economic growth directly or indirectly. 

Optimizing Money Transfers

When making a money transfer to Pakistan from the United Arab Emirates, there are currently five remittance service providers available for comparison. OFX currently offers the most competitive rate for sending money to Pakistan, with their 1 AED to PKR exchange rate today being 74.4075. The next best United Arab Emirates Dirham to Pakistani Rupee exchange rate for money transfers to Pakistan is offered by Wise (1 AED = 74.3149 PKR).

Skrill Money Transfer and XE Money Transfer are among other competitive providers to consider for UAE to Pakistan money transfers. Remittance comparison platforms like RemitFinder search and compare numerous companies specializing in foreign exchange transactions, picking the best ones for sending money to Pakistan from the UAE. These platforms also provide attractive deals and promotions from partners to help maximize the final PKR amount the recipient receives.

Signing up for free exchange rate alerts can notify users of the best rates on a daily basis, allowing them to send money when rates are higher. By comparing numerous foreign exchange operators and service providers, users can find the cheapest options to send Pakistani Rupees, eliminate the process of manually searching and comparing various companies, and realize further savings through exclusive offers and promotions.

Future Outlook for AED to PKR Rate

The AED to PKR exchange rate forecast provides valuable insights into potential future trends and fluctuations in the currency market. According to the forecasts, the Pakistani Rupee is expected to experience a decline of 2.35% against the United Arab Emirates Dirham by the end of 2024, with the AED/PKR rate projected to reach Rs 73.96. However, in 2025, the forecast suggests a 13.96% rise in the PKR to AED rate, reaching Rs 86.32 compared to the current rate.

Looking further ahead, the forecast for 2030 indicates that the PKR to AED exchange rate will be Rs 169.66, representing a significant 123.99% increase from the current rate. These projections highlight the dynamic nature of currency markets and the importance of monitoring exchange rate trends for individuals and businesses engaged in international transactions.

1. Short-Term Forecast:
   • The AED to PKR forecast for today predicts a 0.00% decrease, with the rate dropping to Rs 75.74.
   • Tomorrow’s forecast suggests a 0.02% increase, with the rate rising to Rs 75.76.
   • By the end of the week, the rate is expected to fall by 0.01% to Rs 75.74.
   • Over the next 10 days, the forecast hints at a 0.02% increase, with the rate potentially reaching Rs 75.76.
2. Medium-Term Forecast:
   • The AED to PKR forecast for the next 6 months indicates a 0.58% decrease, with the rate hitting Rs 75.30.
   • Over the next year, the forecast suggests a 3.64% fall in the AED to PKR exchange rate, resulting in a rate of Rs 72.99.
3. Long-Term Forecast:
   • The AED to PKR forecast for the next 5 years indicates a significant 127.90% decrease, with the exchange rate projected to be Rs 172.62.

These forecasts provide valuable insights for individuals, businesses, and financial institutions to plan and strategize their international transactions, investments, and risk management strategies accordingly.

Economic Factors

The exchange rate between two currencies is influenced by various economic factors, including trade balances, capital flows, foreign reserves, interest rates, and inflation rates. When the demand for a currency is high, its price increases, and when the supply is high, its value decreases. Factors such as trade balances, capital flows, and foreign reserves can affect supply and demand, thereby impacting the exchange rate.

It is crucial for individuals and organizations to monitor and understand these economic factors in order to anticipate and navigate fluctuations in exchange rates. Staying informed about global economic trends, market sentiment, and financial indicators can help make informed decisions when exchanging currencies or engaging in international transactions.

Political and Regulatory Influences

In addition to economic factors, political elements and regulatory influences can also impact exchange rates. Political stability, government policies, and central bank interventions play a significant role in currency market dynamics. Governments and central banks often intervene in currency markets to control exchange rate fluctuations and maintain stability.

It is essential for individuals and businesses involved in international trade, foreign investment, or travel to stay updated on political events, regulatory changes, and market sentiment. By keeping a close eye on these factors, they can better manage their exposure to exchange rate risks and optimize their financial outcomes.

FAQs

What is the current exchange rate for 1 AED to PKR in the open market?

The exchange rate for 1 AED to PKR in the open market as of May 17, 2024 is 75.74 PKR. The currency rates are frequently updated, which is essential due to the recent extreme volatility in global currencies. This makes sending money abroad straightforward and reliable.

How much does 100 AED convert to in PKR in the open market?

As of the latest update, 100 UAE Dirham is equivalent to 7574 Pakistani Rupees in the open market.

What is the current local exchange rate from AED to PKR?

The current local exchange rate from AED to PKR is Rs. 75.74. This rate is subject to change and reflects the most recent update.

What is the conversion rate from PKR to AED in Dubai?

The conversion rate from PKR to AED in Dubai is 1 PKR = 0.013 AED, based on the latest update from May 17.

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