LAHORE – The buying rate of the Canadian dollar fell to Rs201.25 in Pakistan’s open market on Tuesday, according to an online currency exchange portal.
Private exchange companies are selling the Canadian dollar at Rs206.25, showing its continued strength against the Pakistani rupee.
The local currency rates reflect ongoing trends in the foreign exchange market. These trends are influenced by regional demand, remittance inflows, and overall economic sentiment.
Role of Remittances in Pakistan’s Economy
Remittances are vital for developing economies like Pakistan. They provide a steady income source for millions of families, helping them cover essentials such as food, healthcare, and education.
These funds also strengthen the country’s foreign exchange reserves and help reduce poverty. Unlike loans or aid, remittances go directly to households, promoting local spending and investment.
In May 2025, overseas Pakistanis living in Canada sent $69.55 million in remittances.
The State Bank of Pakistan (SBP) reported that workers’ remittances grew by 28.8 percent during the first eleven months of the fiscal year 2024-25, reaching nearly $35 billion between July and May. In May alone, monthly inflows rose to $3.69 billion.
During May 2025, remittances increased by 16 percent compared to April 2025 and showed a 13.7 percent rise compared to May 2024, according to official statistics.
Gold Prices Decline in Local and Global Markets
Gold prices fell on Monday in both local and international markets.
Sources from the local Sarafa Association reported that the price of gold per tola dropped by Rs700 to Rs362,300. The price of ten grams of gold decreased by Rs600 to Rs310,613. The price of one tola of silver remained stable at Rs3,787.
Globally, gold prices declined by $18, settling at $3,414 per ounce.
