Karachi, December 05, 2022 – The State Bank of Pakistan (SBP) has issued the foreign exchange rates for today, based on the weighted average rates of commercial banks.
The exchange rates shed light on the buying and selling prices of various foreign currencies against the Pakistan Rupee (PKR).
As of December 05, 2022, the exchange rates for different currencies are as follows:
• UAE Dirham (AED): Buying – 60.9512 PKR, Selling – 61.0586 PKR
• Australian Dollar (AUD): Buying – 152.6954 PKR, Selling – 152.9697 PKR
• Canadian Dollar (CAD): Buying – 166.7837 PKR, Selling – 167.0833 PKR
• Swiss Franc (CHF): Buying – 239.1520 PKR, Selling – 239.5868 PKR
• Chinese Yuan (CNY): Buying – 32.1775 PKR, Selling – 32.2317 PKR
• Euro (EUR): Buying – 236.4452 PKR, Selling – 236.8854 PKR
• UK Pound (GBP): Buying – 275.6290 PKR, Selling – 276.1370 PKR
• Japanese Yen (JPY): Buying – 1.6602 PKR, Selling – 1.6631 PKR
• Saudi Riyal (SAR): Buying – 59.5280 PKR, Selling – 59.6350 PKR
• US Dollar (USD): Buying – 223.7161 PKR, Selling – 224.1322 PKR
The foreign exchange rates are critical indicators for businesses, investors, and individuals involved in international trade and finance. These rates are determined by the weighted averages of commercial banks, reflecting market sentiment and economic conditions.
The US Dollar, maintaining its pivotal role in the foreign exchange market, has a buying rate of 223.7161 PKR and a selling rate of 224.1322 PKR. This indicates the continued demand for the US Dollar in various economic transactions and trade activities.
The Euro, another major currency, stands at 236.4452 PKR (buying) and 236.8854 PKR (selling), while the UK Pound has a buying rate of 275.6290 PKR and a selling rate of 276.1370 PKR.
Fluctuations in exchange rates can have substantial implications for the economy, influencing the cost of imports, exports, and overall economic stability. Investors and businesses 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 05, 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.