Today, May 17, 2024, the State Bank of Pakistan (SBP) disclosed the foreign exchange rates for customers, establishing a vital reference point for cross-border transactions.
These rates, based on the weighted averages of commercial banks, are integral to guiding international trade transactions and serve as benchmarks for businesses and individuals engaged in global commerce.
The foreign exchange rates provided by the SBP are crucial indicators influencing the dynamics of cross-border transactions. Beyond their primary role in currency conversion, these rates serve as benchmarks for various commercial transactions conducted by businesses with international partners.
As of May 17, 2024, the buying and selling rates for various foreign currencies in Pakistani Rupees (PKR) are outlined in the table below:
| CURRENCY | BUYING | SELLING |
| AED (UAE Dirham) | 75.7517 | 75.8694 |
| AUD (Australian Dollar) | 185.4313 | 185.7339 |
| CAD (Canadian Dollar) | 204.1014 | 204.4250 |
| CHF (Swiss Franc) | 306.5413 | 307.0424 |
| CNY (Chinese Yuan) | 38.5416 | 38.5947 |
| EUR (Euro) | 302.0650 | 302.5360 |
| GBP (British Pound) | 352.0289 | 352.6053 |
| JPY (Japanese Yen) | 1.7854 | 1.7881 |
| SAR (Saudi Riyal) | 74.1384 | 74.2508 |
| USD (US Dollar) | 278.0696 | 278.5093 |
These rates, regularly updated by the SBP, offer a snapshot of the foreign exchange market, reflecting ongoing market conditions. Indicative values quoted by commercial banks to their clients, these rates are subsequently employed as benchmarks for facilitating commercial transactions involving foreign currencies.
Individuals and businesses participating in international financial activities are strongly urged to stay informed about these rates. Foreign exchange rates are subject to market fluctuations, and stakeholders are advised to verify the latest rates with their respective banks or financial institutions for the most accurate and up-to-date information.
The transparency inherent in the SBP’s customer forex rates represents a significant contribution to the foreign exchange market. This transparency empowers individuals and businesses to make well-informed decisions in their financial dealings.
As global economic landscapes evolve, these rates play a pivotal role in fostering economic stability and facilitating international trade, underscoring the critical importance of the SBP’s role in the realm of foreign exchange.