SBP’s weighted average customer exchange rates on January 19, 2023

SBP’s weighted average customer exchange rates on January 19, 2023

KARACHI: On Thursday, the State Bank of Pakistan (SBP) unveiled the foreign exchange rates for January 19, 2023.

These rates, based on the weighted average rates of commercial banks, provide insight into the current status of the Pakistani Rupee (PKR) against various foreign currencies.

Here is a breakdown of the buying and selling rates for key foreign currencies in PKR on January 19, 2023:

• UAE Dirham (AED):

• Buying: 62.3862 PKR

• Selling: 62.4953 PKR

• Australian Dollar (AUD):

• Buying: 157.9902 PKR

• Selling: 158.2629 PKR

• Canadian Dollar (CAD):

• Buying: 169.6399 PKR

• Selling: 169.9297 PKR

• Swiss Franc (CHF):

• Buying: 249.9806 PKR

• Selling: 250.4238 PKR

• Chinese Yuan (CNY):

• Buying: 33.8152 PKR

• Selling: 33.8678 PKR

• Euro (EUR):

• Buying: 247.3440 PKR

• Selling: 247.7854 PKR

• UK Pound (GBP):

• Buying: 282.4203 PKR

• Selling: 282.9295 PKR

• Japanese Yen (JPY):

• Buying: 1.7892 PKR

• Selling: 1.7924 PKR

• Saudi Riyal (SAR):

• Buying: 60.9678 PKR

• Selling: 61.0742 PKR

• US Dollar (USD):

• Buying: 228.9901 PKR

• Selling: 229.4062 PKR

These rates are crucial for businesses and individuals engaged in international trade, as they provide a reference point for the value of the Pakistani Rupee against major world currencies. The exchange rates are determined by the weighted average rates of commercial banks, reflecting the prevailing market conditions.

The USD to PKR exchange rate, a significant benchmark for many economic activities, stands at 228.9901 PKR for buying and 229.4062 PKR for selling. The stability and movement of the USD exchange rate are closely monitored by various stakeholders, including businesses, investors, and policymakers, as it has far-reaching implications on the country’s economy.

The Euro (EUR) is trading at 247.3440 PKR for buying and 247.7854 PKR for selling, while the UK Pound (GBP) is valued at 282.4203 PKR (buying) and 282.9295 PKR (selling). These rates indicate the relative strength or weakness of the Pakistani Rupee against these major European currencies.

For those engaged in trade with the Middle East, the buying and selling rates for the UAE Dirham (AED) and the Saudi Riyal (SAR) are important indicators. The AED is quoted at 62.3862 PKR (buying) and 62.4953 PKR (selling), while the SAR is at 60.9678 PKR (buying) and 61.0742 PKR (selling).

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

The State Bank of Pakistan routinely updates and publishes these exchange rates, contributing to transparency and providing a valuable resource for those navigating the complexities of the global economy. As economic conditions evolve, these rates will continue to be a critical reference point for financial decisions and strategic planning.