KARACHI: The State Bank of Pakistan (SBP) unveiled the foreign exchange rates for December 08, 2022, based on the weighted average rates of commercial banks.
The rates reflect the buying and selling prices of various foreign currencies in Pakistani Rupee (PKR) on the mentioned date.
Here is the breakdown of the exchange rates for some major currencies on December 08, 2022:
• UAE Dirham (AED):
• Buying: 61.0633 PKR
• Selling: 61.1724 PKR
• Australian Dollar (AUD):
• Buying: 150.7607 PKR
• Selling: 151.0300 PKR
• Canadian Dollar (CAD):
• Buying: 164.0640 PKR
• Selling: 164.3573 PKR
• Swiss Franc (CHF):
• Buying: 238.1638 PKR
• Selling: 238.5951 PKR
• Chinese Yuan (CNY):
• Buying: 32.1717 PKR
• Selling: 32.2247 PKR
• Euro (EUR):
• Buying: 235.6352 PKR
• Selling: 236.0735 PKR
• UK Pound (GBP):
• Buying: 273.4288 PKR
• Selling: 273.9324 PKR
• Japanese Yen (JPY):
• Buying: 1.6386 PKR
• Selling: 1.6415 PKR
• Saudi Riyal (SAR):
• Buying: 59.6095 PKR
• Selling: 59.7170 PKR
• US Dollar (USD):
• Buying: 224.1283 PKR
• Selling: 224.5444 PKR
The exchange rates provided by the SBP serve as a reference point for the financial markets and businesses engaged in international transactions. These rates are determined based on the average rates offered by commercial banks, reflecting the current market conditions.
The US Dollar (USD), being a widely used global currency, is notably listed with a buying rate of 224.1283 PKR and a selling rate of 224.5444 PKR. This information is crucial for importers, exporters, and businesses engaged in international trade, as it helps them calculate the cost of goods and services in their respective currencies.
Similarly, the rates for other major currencies such as the Euro (EUR), UK Pound (GBP), and Japanese Yen (JPY) provide valuable insights into the strength of the Pakistani Rupee against these currencies. Investors and businesses can use this information to make informed decisions regarding foreign investments and trade partnerships.
The fluctuation in exchange rates is a common occurrence influenced by various factors, including economic indicators, geopolitical events, and market sentiment. As a result, these rates are subject to change, and businesses are advised to stay updated on the latest developments to mitigate potential risks and capitalize on opportunities in the global market.
In conclusion, the release of foreign exchange rates by the State Bank of Pakistan plays a pivotal role in the financial landscape, providing transparency and a standardized reference point for currency transactions. The information empowers businesses, investors, and individuals to navigate the dynamic international financial environment with confidence.