KARACHI: The exchange rate for one UK Pound Sterling (GBP) in Pakistani Rupees (PKR) was recorded in the open market on June 13, 2022, reflecting the latest currency valuations.
The buying rate stood at Rs 250.60 per Pound Sterling, while the selling rate was Rs 253.10 per Pound Sterling. These rates indicate how the rupee is performing against the British currency in the foreign exchange market.
The buying rate represents the price at which a currency exchange company or bank purchases Pound Sterling from customers, whereas the selling rate refers to the price at which they sell Pound Sterling to customers. The exchange rate between the rupee and Pound Sterling is primarily influenced by open market trends, with supply and demand playing a crucial role in determining fluctuations.
The rupee’s value against the Pound Sterling has experienced volatility due to various economic factors, including inflation, trade imbalances, and global financial market trends. The depreciation or appreciation of the rupee is directly impacted by international trade flows, remittances, and investor confidence in Pakistan’s economy. As of the latest update at 07:39 AM Pakistan Standard Time (PST), these rates reflect the ongoing shifts in the currency market.
Several factors contribute to changes in the rupee/Pound Sterling exchange rate, including monetary policies set by the State Bank of Pakistan (SBP), interest rate decisions by the Bank of England, and global economic conditions. The rupee often weakens when demand for foreign currency rises due to increased imports or external debt repayments. Conversely, the rupee can gain strength when foreign investments and remittances increase, boosting Pakistan’s foreign exchange reserves.
The foreign exchange market in Pakistan remains highly responsive to global financial developments. Any fluctuations in the Pound Sterling due to Brexit-related trade policies or UK economic conditions can directly impact its exchange rate against the rupee. Financial experts emphasize the importance of monitoring these exchange rates, especially for businesses engaged in international trade and individuals sending remittances.
The rupee’s stability remains a priority for policymakers, as exchange rate fluctuations affect inflation and purchasing power. The State Bank of Pakistan continues to implement measures aimed at stabilizing the rupee, ensuring a balanced and sustainable foreign exchange environment.