Dollar to PKR: Canadian Dollar Drops Against Rupee
The decline in the Canadian dollar's value is expected to have a positive impact on the Pakistani economy, with increased remittances and trade opportunities. The stability of the Pakistani Rupee is crucial for the country's economic growth, and the current trends suggest a favorable outlook for the currency.
The Canadian dollar has depreciated against the Pakistani Rupee, with its buying rate dropping by 50 paisa to settle at Rs205 in the open market of Pakistan, influenced by regional demand and remittance inflows.
The private exchange companies are selling the Canadian Dollar for Rs210, reflecting its dominance over the local currency. This decline in the Canadian dollar's value is a significant development in the foreign exchange market, with the Pakistani Rupee gaining ground against the Canadian currency.
Remittances from overseas Pakistanis, particularly from Canada, have been significant, with $69.55 million received in May 2025, and a 28.8% growth in workers' remittances during the 11-month period from July to May 2024-25. This influx of foreign exchange has contributed to the stability of the Pakistani Rupee, allowing it to appreciate against the Canadian dollar.
Additionally, the price of gold has also decreased, with a tola of gold falling by Rs700 to Rs362,300, and silver remaining stable. This decrease in gold prices may have a positive impact on the overall economy, as it could lead to increased demand for other commodities and services.
The depreciation of the Canadian dollar against the Pakistani Rupee is a welcome development for the country, as it could lead to increased trade and investment opportunities. However, the situation remains fluid, and the exchange rates may fluctuate based on various economic factors, including regional demand and remittance inflows.