KARACHI, November 02, 2022 – The State Bank of Pakistan (SBP) has released the foreign exchange rates for November 02, 2022.
These rates, calculated based on the weighted average rates of commercial banks, provide a snapshot of the buying and selling prices of various foreign currencies against the Pakistani Rupee (PKR).
As of November 02, 2022, the buying and selling rates for different currencies are as follows:
• UAE Dirham (AED):
• Buying: PKR 60.2551
• Selling: PKR 60.3646
• Australian Dollar (AUD):
• Buying: PKR 141.8321
• Selling: PKR 142.0900
• Canadian Dollar (CAD):
• Buying: PKR 162.5770
• Selling: PKR 162.8664
• Swiss Franc (CHF):
• Buying: PKR 221.4240
• Selling: PKR 221.8368
• Chinese Yuan (CNY):
• Buying: PKR 30.4092
• Selling: PKR 30.4620
• Euro (EUR):
• Buying: PKR 218.5642
• Selling: PKR 218.9759
• UK Pound (GBP):
• Buying: PKR 254.3589
• Selling: PKR 254.8353
• Japanese Yen (JPY):
• Buying: PKR 1.4999
• Selling: PKR 1.5026
• Saudi Riyal (SAR):
• Buying: PKR 58.8546
• Selling: PKR 58.9642
• US Dollar (USD):
• Buying: PKR 221.1651
• Selling: PKR 221.5811
The foreign exchange market is a critical element of the global economy, influencing international trade, investment, and economic stability. The State Bank of Pakistan’s regular disclosure of exchange rates plays a vital 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 crucial for understanding economic dynamics and potential impacts on various sectors, including import and export businesses.
Of particular interest is the exchange rate of the US Dollar, 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.
