LAHORE – The buying rate of Canadian dollar registered significant gains of Rs2 to settle at Rs207.5 in open market of Pakistan on Wednesday, according to an online currency exchange portal.
The private exchange companies are selling the Canadian Dollar for Rs212.5, reflecting its dominance over the local currency.
The local currency rates reflect ongoing trend in the forex market influenced by regional demand, remittance inflows, and overall economic sentiments.
Pakistan Remittances
Remittances play a crucial role in supporting the economies of developing countries. They provide a stable source of income for millions of families, helping them meet basic needs such as food, healthcare, and education.
These funds also boost national foreign exchange reserves and contribute to poverty reduction. Unlike loans or aid, remittances flow directly to households, encouraging local spending and investment.
In May 2025, overseas Pakistanis living in Canada sent $69.55 million in wake of the remittances.
According to the SBP, the workers’ remittances from overseas to Pakistan, recording a significant growth of 28.8 percent during eleven months of fiscal year 2024-25, reached nearly US$ 35 billion in the period from July to May while monthly inflows in May increased to $ 3.69 billion.
During May 2025, the workers’ remittances recorded an inflow of US$ 3.686 billion, depicting 16 percent growth over April 25 and 13.7 percent yearly increase against May 2024, the statistics showed.
The price of gold on Monday decreased in local and global markets.
According to local Sarafa Association sources, the rate of gold per tola fell by Rs700 to Rs362,300, while ten grams of gold fell by Rs600 to Rs310,613. In addition, the price of one tola of silver remained at Rs3787.
There has been a decrease in local and international gold prices. Gold in the global market declined by $18 to $3414 per ounce.
