KARACHI: The State Bank of Pakistan (SBP) on Thursday released the customers’ exchange rates for September 23, 2021, providing a snapshot of the currency market based on data collected from commercial banks across the country.
According to the SBP, these exchange rates are calculated using the weighted average rates offered by various commercial banks to their clients. The central bank clarified that the purpose of publishing this information is purely informational, and that the exchange rates should not be interpreted as official SBP buying or selling rates.
These indicative exchange rates reflect the values at which commercial banks are dealing with their customers for foreign exchange transactions. It is important to note that exchange rates can vary slightly among banks due to differing demand and supply levels, transaction volumes, and institutional agreements. Therefore, clients are advised to confirm exact rates with their respective banks when conducting foreign exchange transactions.
The SBP emphasized that it compiles and disseminates this data to promote transparency and allow businesses, traders, and individuals to stay informed about prevailing market conditions. The exchange rates are particularly useful for importers, exporters, and investors who need to factor currency fluctuations into their financial planning.
Some of the major currencies included in the SBP’s report are the US Dollar (USD), Euro (EUR), British Pound (GBP), UAE Dirham (AED), Saudi Riyal (SAR), and Chinese Yuan (CNY), among others. These currencies are widely used in Pakistan’s trade and remittance transactions, making accurate exchange rate information critical for economic decision-making.
On September 23, 2021, the exchange rate for the US Dollar stood at Rs168.7572 for buying and Rs169.1205 for selling. Similarly, the Euro was traded at Rs197.7010 for buying and Rs198.1166 for selling. These rates illustrate the slight spread applied by commercial banks when facilitating foreign currency conversions.
By providing exchange rates five days a week, the SBP helps ensure a degree of uniformity in currency transactions across the financial sector. These updates serve as a reference point for market participants and contribute to maintaining confidence in Pakistan’s foreign exchange market.