State Bank issues foreign exchange rates on December 01, 2022

State Bank issues foreign exchange rates on December 01, 2022

Karachi, December 01, 2022 – The State Bank of Pakistan (SBP) has released the foreign exchange rates for today, providing insights into the buying and selling prices of various foreign currencies against the Pakistan Rupee (PKR).

These rates, based on the weighted average rates of commercial banks, play a crucial role in shaping international trade, investment, and financial transactions.

As of December 01, 2022, the exchange rates for different currencies are as follows:

• UAE Dirham (AED): Buying – 60.8975 PKR, Selling – 61.0066 PKR

• Australian Dollar (AUD): Buying – 152.5465 PKR, Selling – 152.8281 PKR

• Canadian Dollar (CAD): Buying – 166.7340 PKR, Selling – 167.0273 PKR

• Swiss Franc (CHF): Buying – 237.1172 PKR, Selling – 237.5521 PKR

• Chinese Yuan (CNY): Buying – 31.6683 PKR, Selling – 31.7206 PKR

• Euro (EUR): Buying – 233.5971 PKR, Selling – 234.0278 PKR

• UK Pound (GBP): Buying – 270.5440 PKR, Selling – 271.0441 PKR

• Japanese Yen (JPY): Buying – 1.6396 PKR, Selling – 1.6426 PKR

• Saudi Riyal (SAR): Buying – 59.4673 PKR, Selling – 59.5749 PKR

• US Dollar (USD): Buying – 223.5246 PKR, Selling – 223.9407 PKR

The US Dollar remains a significant player in the foreign exchange market, with a buying rate of 223.5246 PKR and a selling rate of 223.9407 PKR. This indicates the ongoing demand for the US Dollar in various economic transactions and trade activities.

The Euro, another major currency, stands at 233.5971 PKR (buying) and 234.0278 PKR (selling), while the UK Pound has a buying rate of 270.5440 PKR and a selling rate of 271.0441 PKR.

Exchange rate fluctuations can have substantial implications for the economy, impacting the cost of imports, exports, and overall economic stability. Businesses, investors, and individuals closely monitor these rates to make informed decisions and manage currency-related risks.

The State Bank of Pakistan, as the central bank, plays a crucial role in regulating and stabilizing the foreign exchange market. The timely release of exchange rates ensures transparency and provides valuable information for economic participants.

Market analysts suggest that various factors such as global economic conditions, geopolitical events, and market trends can influence exchange rate movements. Therefore, stakeholders are advised to stay informed and adapt their strategies accordingly.

In conclusion, the foreign exchange rates announced by the State Bank of Pakistan on December 01, 2022, offer valuable insights into the dynamics of the foreign exchange market. These rates serve as a reference point for businesses and individuals engaged in international transactions and contribute to the overall economic landscape of Pakistan.