Karachi, December 07, 2022 – The State Bank of Pakistan (SBP) has released the foreign exchange rates for today, based on the weighted average rates of commercial banks.
The exchange rates provide insights into the buying and selling prices of various foreign currencies against the Pakistan Rupee (PKR).
As of December 07, 2022, the exchange rates for different currencies are as follows:
• UAE Dirham (AED): Buying – 61.0245 PKR, Selling – 61.1335 PKR
• Australian Dollar (AUD): Buying – 149.8053 PKR, Selling – 150.0742 PKR
• Canadian Dollar (CAD): Buying – 164.0515 PKR, Selling – 164.3449 PKR
• Swiss Franc (CHF): Buying – 237.5873 PKR, Selling – 238.0180 PKR
• Chinese Yuan (CNY): Buying – 32.0929 PKR, Selling – 32.1491 PKR
• Euro (EUR): Buying – 234.2202 PKR, Selling – 234.6551 PKR
• UK Pound (GBP): Buying – 271.5094 PKR, Selling – 272.0102 PKR
• Japanese Yen (JPY): Buying – 1.6279 PKR, Selling – 1.6308 PKR
• Saudi Riyal (SAR): Buying – 59.5796 PKR, Selling – 59.6872 PKR
• US Dollar (USD): Buying – 223.9927 PKR, Selling – 224.4088 PKR
The exchange rates play a crucial role in international trade, determining the value of the Pakistani Rupee against major world currencies. The rates are based on the weighted averages of commercial banks, reflecting the market sentiment and economic conditions.
The US Dollar continues to hold a significant position in the foreign exchange market, with a buying rate of 223.9927 PKR and a selling rate of 224.4088 PKR. This reflects the ongoing demand for the US Dollar in various economic transactions and trade activities.
Among other major currencies, the Euro stands at 234.2202 PKR (buying) and 234.6551 PKR (selling), while the UK Pound has a buying rate of 271.5094 PKR and a selling rate of 272.0102 PKR.
Investors, businesses, and individuals closely monitor exchange rates as they have a direct impact on the cost of imported goods, international travel, and foreign investments. Any fluctuations in these rates can influence the overall economic landscape of the country.
The State Bank of Pakistan, as the country’s central bank, plays a pivotal role in regulating and maintaining stability in the foreign exchange market. The periodic release of exchange rates ensures transparency and provides valuable information for businesses and individuals engaged in cross-border transactions.
Market analysts suggest that geopolitical events, economic indicators, and global market trends can contribute to fluctuations in exchange rates. Traders and investors are advised to stay informed and make well-informed decisions based on the current market dynamics.
In conclusion, the foreign exchange rates announced by the State Bank of Pakistan on December 07, 2022, offer valuable insights into the relative strength of the Pakistani Rupee against major world currencies. The rates reflect the ongoing dynamics of the global economy and serve as a reference point for various economic activities in Pakistan.