KARACHI: On Monday, the State Bank of Pakistan (SBP) unveiled the foreign exchange rates for January 16, 2023.
These rates, determined on the basis of weighted average rates from commercial banks, offer a comprehensive view of the current status of the Pakistani Rupee (PKR) against various foreign currencies.
Here’s a detailed overview of the buying and selling rates for key foreign currencies in PKR on January 16, 2023:
• UAE Dirham (AED):
• Buying: 62.1882 PKR
• Selling: 62.2979 PKR
• Australian Dollar (AUD):
• Buying: 159.3828 PKR
• Selling: 159.6617 PKR
• Canadian Dollar (CAD):
• Buying: 170.6583 PKR
• Selling: 170.9586 PKR
• Swiss Franc (CHF):
• Buying: 246.7748 PKR
• Selling: 247.1736 PKR
• Chinese Yuan (CNY):
• Buying: 34.0524 PKR
• Selling: 34.1062 PKR
• Euro (EUR):
• Buying: 247.5496 PKR
• Selling: 248.0001 PKR
• UK Pound (GBP):
• Buying: 279.4605 PKR
• Selling: 279.9587 PKR
• Japanese Yen (JPY):
• Buying: 1.7843 PKR
• Selling: 1.7874 PKR
• Saudi Riyal (SAR):
• Buying: 60.7712 PKR
• Selling: 60.8784 PKR
• US Dollar (USD):
• Buying: 228.2617 PKR
• Selling: 228.6778 PKR
These exchange rates are vital for businesses and individuals involved in international trade, serving as benchmarks for understanding the value of the PKR against major global currencies. The rates are derived from the weighted average rates of commercial banks, reflecting the ongoing market dynamics.
The USD to PKR exchange rate, a critical metric for economic activities, stands at 228.2617 PKR for buying and 228.6778 PKR for selling. This exchange rate’s stability and trend are closely monitored by various stakeholders, including businesses, investors, and policymakers, as it holds significant implications for trade balances, inflation, and overall economic stability.
The Euro (EUR) is trading at 247.5496 PKR for buying and 248.0001 PKR for selling, while the UK Pound (GBP) is valued at 279.4605 PKR (buying) and 279.9587 PKR (selling). These rates provide valuable insights into the relative strength or weakness of the Pakistani Rupee against major European currencies.
For businesses engaged 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 62.1882 PKR (buying) and 62.2979 PKR (selling), while the SAR is at 60.7712 PKR (buying) and 60.8784 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 routine release 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 serve as a critical reference point for financial decisions and strategic planning.
