Karachi, October 26, 2023 – The State Bank of Pakistan (SBP) on Thursday released the official foreign currency exchange rates, effective for October 26, 2023. These rates are based on the weighted average of transactions conducted by commercial banks across the country and are published daily to ensure transparency and consistency in the market.
The SBP plays a vital role in stabilizing the currency market by closely monitoring fluctuations in foreign currency values. As part of its regulatory functions, the central bank collects data from authorized dealers and calculates the average exchange rates, which are then shared with the public and financial institutions. These rates are essential for importers, exporters, and those involved in cross-border transactions, as they provide a reliable benchmark for converting foreign currency into Pakistani Rupees (PKR).
The rates released by the SBP on October 26 reflect the dynamic movements of the international foreign currency market, influenced by global economic trends, monetary policies, and geopolitical developments. Among the key currencies, the US Dollar, Euro, British Pound, and Saudi Riyal showed relatively stable movements, while minor fluctuations were noted in currencies like the Japanese Yen and Chinese Yuan.
According to the SBP, the foreign currency exchange rates include both the buying and selling values of major global currencies. These rates are widely used not only by banks but also by money changers, remittance service providers, and corporate entities engaged in international business.
The issuance of daily foreign currency rates by the SBP also helps to curb speculation and unauthorized trading in the open market, promoting a more stable and trustworthy exchange environment. In recent months, the SBP has taken several policy measures to strengthen its oversight of the currency market and ensure compliance with legal frameworks.
Market participants are advised to consult the official SBP rates for any foreign exchange dealings, as discrepancies between open market and interbank rates may exist. With the SBP’s continued vigilance, the integrity of Pakistan’s foreign currency regime remains a top priority to support economic stability and investor confidence.