Karachi, December 02, 2022 – The State Bank of Pakistan (SBP) has issued the foreign exchange rates for today, based on the weighted average rates of commercial banks.
These rates provide crucial information about the buying and selling prices of various foreign currencies against the Pakistan Rupee (PKR).
As of December 02, 2022, the exchange rates for different currencies are as follows:
• UAE Dirham (AED): Buying – 60.8996 PKR, Selling – 61.0070 PKR
• Australian Dollar (AUD): Buying – 152.4547 PKR, Selling – 152.7288 PKR
• Canadian Dollar (CAD): Buying – 166.3933 PKR, Selling – 166.6910 PKR
• Swiss Franc (CHF): Buying – 238.6573 PKR, Selling – 239.0902 PKR
• Chinese Yuan (CNY): Buying – 31.7237 PKR, Selling – 31.7802 PKR
• Euro (EUR): Buying – 235.4073 PKR, Selling – 235.8348 PKR
• UK Pound (GBP): Buying – 273.7155 PKR, Selling – 274.2250 PKR
• Japanese Yen (JPY): Buying – 1.6563 PKR, Selling – 1.6592 PKR
• Saudi Riyal (SAR): Buying – 59.4704 PKR, Selling – 59.5780 PKR
• US Dollar (USD): Buying – 223.5283 PKR, Selling – 223.9444 PKR
Foreign exchange rates play a pivotal role in global economic activities, influencing international trade, investment, and financial transactions. The rates are determined by the weighted averages of commercial banks, reflecting market sentiment and economic conditions.
The US Dollar continues to be a significant player in the foreign exchange market, with a buying rate of 223.5283 PKR and a selling rate of 223.9444 PKR. This indicates the sustained demand for the US Dollar in various economic transactions and trade activities.
The Euro, another major currency, stands at 235.4073 PKR (buying) and 235.8348 PKR (selling), while the UK Pound has a buying rate of 273.7155 PKR and a selling rate of 274.2250 PKR.
Fluctuations in exchange rates can have profound 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 country’s 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.
Analysts suggest that 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 02, 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.