State Bank issues foreign exchange rates on November 04, 2022

State Bank issues foreign exchange rates on November 04, 2022

KARACHI, November 04, 2022 – The State Bank of Pakistan (SBP) has released the foreign exchange rates for November 04, 2022.

The rates, computed on the basis of weighted average rates of commercial banks, outline the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).

As of November 04, 2022, the following are the buying and selling rates for different currencies:

• UAE Dirham (AED):

• Buying: PKR 60.4335

• Selling: PKR 60.5431

• Australian Dollar (AUD):

• Buying: PKR 140.7903

• Selling: PKR 141.0463

• Canadian Dollar (CAD):

• Buying: PKR 162.4195

• Selling: PKR 162.7066

• Swiss Franc (CHF):

• Buying: PKR 219.7707

• Selling: PKR 220.1718

• Chinese Yuan (CNY):

• Buying: PKR 30.5970

• Selling: PKR 30.6481

• Euro (EUR):

• Buying: PKR 217.0154

• Selling: PKR 217.4130

• UK Pound (GBP):

• Buying: PKR 248.9716

• Selling: PKR 249.4303

• Japanese Yen (JPY):

• Buying: PKR 1.4993

• Selling: PKR 1.5020

• Saudi Riyal (SAR):

• Buying: PKR 59.0262

• Selling: PKR 59.1365

• US Dollar (USD):

• Buying: PKR 221.8225

• Selling: PKR 222.2385

The foreign exchange market serves as a vital aspect of the global financial system, influencing international trade, investment, and economic stability. The exchange rates provided by the State Bank of Pakistan are instrumental in guiding businesses, investors, and the public in making informed decisions related to cross-border transactions.

The strength of the Pakistani Rupee against major currencies is reflective of the country’s economic health and its attractiveness to foreign investors. Monitoring these exchange rates is crucial for understanding the economic dynamics and potential impact on various sectors, including import and export businesses.

Of particular interest is the exchange rate of the US Dollar, a key global currency. Its buying and selling rates against the PKR can significantly impact 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 such as the Euro, Pound Sterling, and Japanese Yen also play significant roles in international trade, and their exchange rates against the PKR offer insights into Pakistan’s economic relations with the European Union, the United Kingdom, and Japan.

It is essential 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 abreast of these developments to make informed decisions.

As the State Bank of Pakistan continues its role as the central banking authority, the timely release of foreign exchange rates contributes to transparency and assists in maintaining the stability of the country’s financial system. Market participants are encouraged to stay vigilant and adapt their strategies as needed in response to changing global economic conditions.