The State Bank of Pakistan (SBP) on Wednesday released the latest exchange rates for customers, based on the weighted average rates provided by commercial banks. This data, compiled and disseminated for informational purposes, reflects the estimated rates quoted by various commercial banks to their clients for commercial transactions.
These rates serve as indicative exchange rates for buying and selling various foreign currencies, helping customers understand the prevailing market trends and facilitating better financial planning.
Following are the latest exchange rates as of Wednesday:
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| AED (UAE Dirham) | 44.0382 | 44.1324 |
| AUD (Australian Dollar) | 118.9592 | 119.2079 |
| CAD (Canadian Dollar) | 128.4698 | 128.7427 |
| CHF (Swiss Franc) | 176.6169 | 176.9913 |
| CNY (Chinese Yuan) | 24.8732 | 24.9251 |
| EUR (Euro) | 191.0135 | 191.4314 |
| GBP (British Pound) | 224.2417 | 224.7273 |
| JPY (Japanese Yen) | 1.4715 | 1.4748 |
| SAR (Saudi Riyal) | 43.1007 | 43.1924 |
| USD (US Dollar) | 161.6118 | 161.9751 |
The exchange rates indicate slight fluctuations in the buying and selling prices across different currencies. For instance, the US Dollar (USD) is being bought at PKR 161.6118 and sold at PKR 161.9751, while the Euro (EUR) shows a buying rate of PKR 191.0135 and a selling rate of PKR 191.4314.
Similarly, the British Pound (GBP) is quoted at PKR 224.2417 for buying and PKR 224.7273 for selling, indicating a marginal difference between the two rates. The exchange rates for other major currencies like the UAE Dirham (AED), Australian Dollar (AUD), and Canadian Dollar (CAD) also reflect minor variances, providing customers with a clear understanding of the market conditions.
The SBP’s initiative to release these exchange rates aims to enhance transparency and assist customers in making informed decisions regarding their foreign exchange transactions. By providing access to weighted average rates, the central bank ensures that customers are aware of the general pricing trends across commercial banks.
It is important for customers to note that these exchange rates are estimates and may vary slightly from the actual rates offered by banks at the time of transaction. For precise rates and transactions, customers are advised to directly contact their respective banks.
In conclusion, the SBP’s dissemination of the latest exchange rates offers valuable insights into the current foreign exchange market, enabling customers to navigate their financial dealings more effectively.