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'Eid shopping in Pakistan drops by over 70pc' amid back-breaking inflation

10:27 AM | 13 Apr, 2024
'Eid shopping in Pakistan drops by over 70pc' amid back-breaking inflation
Source: File Photo

KARACHI – The record inflation burden of basic commodities decimated the purchasing power of Pakistanis on Eid while there was no major relief for the masses.

All Karachi Tajir Ittehad reported a sharp drop in Eidul Fitr sales in the country's financial capital amid rising inflation.

Chairman Atiq Mir said retail sales in the metropolis plunged by 70pc this year, with total earnings of only Rs18 billion during Ramadan 2024.

AKTI Chairman linked the decline in sales to inflation and the deteriorating law and order situation in the city. Despite a little drop in inflation, masses have been reluctant to make new purchases this Eid due to the economic downturn.

Food inflation saw record surge prompting even affluent people to change their lifestyles to deal with the escalating prices.

In other cities like Lahore, Islamabad, and Faisalabad, the bustling markets and shopping centers catering to the middle and lower-middle classes saw a decrease in customer numbers.

This decline in sales contributes to the overall slowdown of Pakistan's economy, which has faced challenges in recent years.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - Pak Rupee to US Dollar, Euro, Dirham, Riyal 22 May 2024

 Pakistani currency rates against US Dollar and other currencies on May 22, 2024 (Wednesday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.15 for buying and 280.05 for selling.

Euro moved down to 297 for buying and 300 for selling while British Pound rate is 349 for buying, and 352.5 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 22 May 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.15 277.15
Euro EUR 297 300
UK Pound Sterling GBP 349 352.5
U.A.E Dirham AED 75.2 75.95
Saudi Riyal SAR 73.45 74.2
Australian Dollar AUD 183 184.8
Bahrain Dinar BHD 740.34 748.34
Canadian Dollar CAD 203 205
China Yuan CNY 38.51 38.91
Danish Krone DKK 40.52 40.92
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.34 3.45
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 903.3 912.3
Malaysian Ringgit MYR 59.34 59.94
New Zealand Dollar NZD 170.11 172.11
Norwegians Krone NOK 25.92 26.22
Omani Riyal OMR 723.13 731.13
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.98 26.28
Swiss Franc CHF 305.97 308.47
Thai Bhat THB 7.67 7.82

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