Karachi, September 12, 2023: The State Bank of Pakistan (SBP) released the foreign currency exchange rates for September 12, 2023, based on the weighted average rates of commercial banks.
The exchange rates for buying and selling various foreign currencies against the Pakistan Rupee (PKR) on September 12, 2023 are as follows:
1. AED – UAE Dirham:
• Buying: PKR 81.5986
• Selling: PKR 81.7055
2. AUD – Australian Dollar:
• Buying: PKR 192.6443
• Selling: PKR 192.9055
3. CAD – Canadian Dollar:
• Buying: PKR 220.5558
• Selling: PKR 220.8560
4. CHF – Swiss Franc:
• Buying: PKR 336.1481
• Selling: PKR 336.6115
5. CNY – Chinese Yuan:
• Buying: PKR 41.0907
• Selling: PKR 41.1401
6. EUR – Euro:
• Buying: PKR 321.5699
• Selling: PKR 322.0105
7. GBP – British Pound:
• Buying: PKR 374.6600
• Selling: PKR 375.1812
8. JPY – Japanese Yen:
• Buying: PKR 2.0397
• Selling: PKR 2.0424
9. SAR – Saudi Riyal:
• Buying: PKR 79.8542
• Selling: PKR 79.9600
10. USD – US Dollar:
• Buying: PKR 299.5021
• Selling: PKR 299.9182
These rates indicate the value of the Pakistani Rupee against various major foreign currencies in the international market. The buying rates represent the amount in PKR that one would need to spend to acquire a unit of the respective foreign currency, while the selling rates represent the amount in PKR that one would receive in exchange for selling a unit of the foreign currency.
The foreign exchange market plays a crucial role in determining the economic health of a country, as it reflects the strength of the local currency against other global currencies. Fluctuations in exchange rates can impact international trade, investments, and the overall economic stability of a nation.
Pakistan, being a participant in the global economy, closely monitors and regulates its foreign currency exchange rates to ensure stability and competitiveness. The State Bank of Pakistan, as the country’s central bank, plays a pivotal role in formulating and implementing monetary policies to achieve these objectives.
Market analysts and business stakeholders often keep a close eye on these currency rates as they influence import and export costs, affecting the profitability and competitiveness of businesses engaged in international trade. Additionally, individuals involved in foreign transactions, such as travelers and expatriates, find these rates crucial for managing their finances effectively.
It is important to note that exchange rates are subject to change based on various factors, including economic indicators, geopolitical events, and market sentiment. The SBP regularly reviews and adjusts these rates to align with the evolving dynamics of the global economy.
As the world continues to witness economic shifts and uncertainties, the foreign currency rates issued by the State Bank of Pakistan serve as a valuable reference point for businesses, investors, and individuals navigating the international financial landscape.
