SBP’s weighted average customer exchange rates on January 12, 2023

SBP’s weighted average customer exchange rates on January 12, 2023

KARACHI: On Thursday, the State Bank of Pakistan (SBP) released the foreign exchange rates for January 12, 2023.

These rates, determined on the basis of weighted average rates from commercial banks, offer a comprehensive snapshot of the current value of the Pakistani Rupee (PKR) against various foreign currencies.

Here is a detailed breakdown of the buying and selling rates for key foreign currencies in PKR on January 12, 2023:

• UAE Dirham (AED):

• Buying: 62.1229 PKR

• Selling: 62.2320 PKR

• Australian Dollar (AUD):

• Buying: 157.4444 PKR

• Selling: 157.7218 PKR

• Canadian Dollar (CAD):

• Buying: 169.7402 PKR

• Selling: 170.0382 PKR

• Swiss Franc (CHF):

• Buying: 244.5616 PKR

• Selling: 244.9986 PKR

• Chinese Yuan (CNY):

• Buying: 33.7545 PKR

• Selling: 33.8079 PKR

• Euro (EUR):

• Buying: 245.4382 PKR

• Selling: 245.8863 PKR

• UK Pound (GBP):

• Buying: 277.0427 PKR

• Selling: 277.5459 PKR

• Japanese Yen (JPY):

• Buying: 1.7314 PKR

• Selling: 1.7344 PKR

• Saudi Riyal (SAR):

• Buying: 60.7113 PKR

• Selling: 60.8183 PKR

• US Dollar (USD):

• Buying: 228.0197 PKR

• Selling: 228.4358 PKR

These exchange rates serve as a critical benchmark for businesses and individuals engaged in international trade, allowing them to assess the value of the PKR against major global currencies. The rates are derived from the weighted average rates of commercial banks, providing an accurate reflection of prevailing market conditions.

The USD to PKR exchange rate, a key indicator for economic activities, stands at 228.0197 PKR for buying and 228.4358 PKR for selling. This exchange rate is closely monitored by various stakeholders, including businesses, investors, and policymakers, as it has significant implications for trade balances, inflation, and overall economic stability.

The Euro (EUR) is trading at 245.4382 PKR for buying and 245.8863 PKR for selling, while the UK Pound (GBP) is valued at 277.0427 PKR (buying) and 277.5459 PKR (selling). These rates provide valuable insights into the relative strength or weakness of the Pakistani Rupee against major European currencies.

For businesses involved in trade with the Middle East, the buying and selling rates for the UAE Dirham (AED) and the Saudi Riyal (SAR) are crucial indicators. The AED is quoted at 62.1229 PKR (buying) and 62.2320 PKR (selling), while the SAR is at 60.7113 PKR (buying) and 60.8183 PKR (selling).

It is imperative for businesses and individuals participating in international transactions to stay informed about these exchange rates, as they directly influence the cost of imports, the value of exports, and overall economic stability. Fluctuations in these rates can also impact investment decisions and financial planning.

The State Bank of Pakistan’s regular disclosure of these exchange rates enhances transparency and provides a valuable resource for those navigating the intricacies of the global economy. As economic conditions evolve, these rates will continue to be a critical reference point for financial decisions and strategic planning.