KARACHI, May 30, 2023 – The State Bank of Pakistan (SBP) on Tuesday announced the official foreign exchange rates for various international currencies against the Pakistani Rupee (PKR).
These exchange rates are determined based on the weighted average rates provided by commercial banks across the country, and serve as a reference point for currency conversions in the financial markets.
The SBP’s foreign exchange rate bulletin is a key tool for businesses, investors, and individuals engaged in cross-border transactions, as it helps provide clarity and stability in foreign currency dealings. The central bank regularly updates these rates to reflect fluctuations in the foreign exchange market and ensure transparency in currency valuation.
According to the latest data issued by the SBP, the exchange rate for the US Dollar (USD) stands at PKR 285.6028 for buying and PKR 286.0189 for selling. The Euro (EUR) is being bought at PKR 305.4986 and sold at PKR 305.9466. The UK Pound Sterling (GBP) recorded a buying rate of PKR 352.6242 and a selling rate of PKR 353.1390.
In the Gulf region currencies, the UAE Dirham (AED) is trading at PKR 77.8147 for buying and PKR 77.9203 for selling. Similarly, the Saudi Riyal (SAR) is available at PKR 76.1645 for buying and PKR 76.2696 for selling.
Other notable foreign currencies include the Australian Dollar (AUD) at PKR 186.2813 for buying and PKR 186.5460 for selling, and the Canadian Dollar (CAD) at PKR 210.0055 for buying and PKR 210.3020 for selling. The Swiss Franc (CHF) is listed at PKR 315.4129 for buying and PKR 315.8552 for selling, while the Chinese Yuan (CNY) trades at PKR 40.2810 for buying and PKR 40.3324 for selling. The Japanese Yen (JPY) stands at PKR 2.0336 for buying and PKR 2.0365 for selling.
These official exchange rates are especially important for commercial banks, importers, exporters, and foreign exchange dealers, who rely on these benchmarks to determine pricing for transactions and remittances. By closely monitoring the exchange rates, stakeholders can make informed financial decisions and hedge against currency volatility.
The SBP continues to emphasize the importance of market-based exchange rate mechanisms while maintaining oversight to ensure stability and protect the integrity of Pakistan’s financial system. Today’s update underscores the dynamic nature of global currency markets and the need for accurate and timely exchange rate information.