KARACHI, December 29, 2023 – Today, the State Bank of Pakistan (SBP) has disclosed the foreign exchange rates for customers, setting the tone for cross-border transactions on December 29, 2023.
These rates, derived from the weighted average rates of commercial banks, are instrumental in guiding international trade transactions and providing a reference point for businesses and individuals engaged in global commerce.
The foreign exchange rates issued by the SBP serve as key indicators shaping the dynamics of cross-border transactions. Beyond their primary function in currency conversion, these rates act as benchmarks for a range of commercial transactions conducted by businesses with international partners.
As of December 29, 2023, the buying and selling rates for various foreign currencies in Pakistani Rupees (PKR) are as follows:
AED (United Arab Emirates Dirham):
• Buying: PKR 76.7607
• Selling: PKR 76.8742
AUD (Australian Dollar):
• Buying: PKR 192.7548
• Selling: PKR 193.0570
CAD (Canadian Dollar):
• Buying: PKR 212.9502
• Selling: PKR 213.2788
CHF (Swiss Franc):
• Buying: PKR 334.2292
• Selling: PKR 334.7652
CNY (Chinese Yuan):
• Buying: PKR 39.7464
• Selling: PKR 39.7994
EUR (Euro):
• Buying: PKR 311.9363
• Selling: PKR 312.4292
GBP (British Pound):
• Buying: PKR 359.5840
• Selling: PKR 360.1514
JPY (Japanese Yen):
• Buying: PKR 1.9940
• Selling: PKR 1.9970
SAR (Saudi Riyal):
• Buying: PKR 75.1253
• Selling: PKR 75.2359
USD (United States Dollar):
• Buying: PKR 281.7045
• Selling: PKR 282.1443
These rates, updated regularly 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.
It is imperative for individuals and businesses participating in international financial activities to stay abreast of these rates. Foreign exchange rates are susceptible 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 substantial 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.
