KARACHI, November 01, 2022 – The State Bank of Pakistan (SBP) has unveiled the foreign exchange rates for November 01, 2022.
Computed on the basis of weighted average rates of commercial banks, these rates outline the buying and selling prices of various foreign currencies against the Pakistani Rupee (PKR).
As of November 01, 2022, the buying and selling rates for different currencies are as follows:
• UAE Dirham (AED):
• Buying: PKR 60.0019
• Selling: PKR 60.1068
• Australian Dollar (AUD):
• Buying: PKR 141.6568
• Selling: PKR 141.9146
• Canadian Dollar (CAD):
• Buying: PKR 162.3538
• Selling: PKR 162.6424
• Swiss Franc (CHF):
• Buying: PKR 220.4802
• Selling: PKR 220.8740
• Chinese Yuan (CNY):
• Buying: PKR 30.2424
• Selling: PKR 30.2941
• Euro (EUR):
• Buying: PKR 218.5538
• Selling: PKR 218.9611
• UK Pound (GBP):
• Buying: PKR 253.8668
• Selling: PKR 254.3324
• Japanese Yen (JPY):
• Buying: PKR 1.4881
• Selling: PKR 1.4908
• Saudi Riyal (SAR):
• Buying: PKR 58.6161
• Selling: PKR 58.7256
• US Dollar (USD):
• Buying: PKR 220.2383
• Selling: PKR 220.6544
The foreign exchange market serves as a vital component of the global economy, influencing international trade, investment, and economic stability. The State Bank of Pakistan’s routine disclosure of exchange rates plays a crucial role in guiding businesses, investors, and the public in making informed decisions related to international transactions.
The strength of the Pakistani Rupee against major currencies is a key indicator of the country’s economic health and its attractiveness to foreign investors. Monitoring these exchange rates is essential for understanding economic dynamics and potential impacts on various sectors, including import and export businesses.
The exchange rate of the US Dollar holds particular significance, given its status as a leading global currency. Its buying and selling rates against the PKR can significantly influence Pakistan’s trade balance, inflation, and overall economic conditions. The State Bank’s continuous monitoring and adjustment of exchange rates are aimed at ensuring economic stability and competitiveness in the global market.
Other major currencies, including the Euro, Pound Sterling, and Japanese Yen, also play significant roles in international trade. Their exchange rates against the PKR offer insights into Pakistan’s economic relations with the European Union, the United Kingdom, and Japan.
It is important to note that exchange rates are subject to fluctuations influenced by market dynamics, economic indicators, and geopolitical events. Businesses and individuals involved in international transactions are advised to stay informed about these developments to make well-informed decisions.
As the central banking authority, the State Bank of Pakistan continues to contribute to financial system stability through the timely release of foreign exchange rates. Market participants are encouraged to stay vigilant and adapt their strategies as needed in response to changing global economic conditions.