State Bank Issues Foreign Exchange Rates in Pakistan for August 29, 2023

State Bank Issues Foreign Exchange Rates in Pakistan for August 29, 2023

The State Bank of Pakistan (SBP) released the official foreign exchange rates for August 28, 2023. These rates are determined based on the weighted average rates of commercial banks across the country, reflecting the most accurate and current values of foreign currencies in relation to the Pakistani Rupee (PKR).

The exchange rate for the UAE Dirham (AED) stood at PKR 82.4584 for buying and PKR 82.5690 for selling. The Australian Dollar (AUD) was listed at PKR 195.0745 for buying and PKR 195.3361 for selling. For the Canadian Dollar (CAD), the rates were PKR 222.5964 for buying and PKR 222.8950 for selling.

The exchange rate for Swiss Franc (CHF) had a buying rate of PKR 342.3280 and a selling rate of PKR 342.7959. The Chinese Yuan (CNY) was exchanged at PKR 41.5452 for buying and PKR 41.5963 for selling. The Euro (EUR) showed a buying rate of PKR 327.4395 and a selling rate of PKR 327.8942.

The British Pound (GBP) was bought at PKR 381.9318 and sold at PKR 382.4520. The Japanese Yen (JPY) was available at PKR 2.0672 for buying and PKR 2.0699 for selling. The Saudi Riyal (SAR) recorded a buying rate of PKR 80.6929 and a selling rate of PKR 80.7985.

The US Dollar (USD), one of the most significant currencies for Pakistan’s trade and financial transactions, had a buying rate of PKR 302.6657 and a selling rate of PKR 303.0818. This slight increase in the USD rate indicates ongoing fluctuations in the currency market, influenced by both domestic and international economic conditions.

The SBP’s announcement of these rates provides crucial information for various stakeholders, including importers, exporters, investors, and financial analysts. Accurate and up-to-date exchange rates are essential for making informed decisions regarding trade, investments, and currency management.

The foreign exchange market in Pakistan continues to be influenced by multiple factors such as global economic trends, domestic fiscal policies, and geopolitical developments. The SBP’s role in monitoring and announcing these rates helps maintain transparency and stability in the financial market.

As Pakistan navigates through economic challenges and opportunities, the central bank’s updates on foreign exchange rates serve as a vital tool for economic planning and strategy. It is imperative for businesses and individuals engaged in foreign transactions to stay informed about these rates to optimize their financial outcomes.