Karachi, November 08, 2022 – The State Bank of Pakistan (SBP) has disclosed the foreign exchange rates for today, shedding light on the buying and selling prices of various foreign currencies against the Pakistan Rupee (PKR).
These rates, determined based on the weighted average rates of commercial banks, play a pivotal role in shaping international trade, investment, and financial transactions.
As of November 08, 2022, the exchange rates for different currencies are as follows:
• UAE Dirham (AED): Buying – 60.3262 PKR, Selling – 60.4353 PKR
• Australian Dollar (AUD): Buying – 143.0129 PKR, Selling – 143.2724 PKR
• Canadian Dollar (CAD): Buying – 163.8609 PKR, Selling – 164.1579 PKR
• Swiss Franc (CHF): Buying – 223.3511 PKR, Selling – 223.7588 PKR
• Chinese Yuan (CNY): Buying – 30.5731 PKR, Selling – 30.6276 PKR
• Euro (EUR): Buying – 221.5228 PKR, Selling – 221.9326 PKR
• UK Pound (GBP): Buying – 254.3780 PKR, Selling – 254.8478 PKR
• Japanese Yen (JPY): Buying – 1.5092 PKR, Selling – 1.5119 PKR
• Saudi Riyal (SAR): Buying – 58.9355 PKR, Selling – 59.0431 PKR
• US Dollar (USD): Buying – 221.4240 PKR, Selling – 221.8401 PKR
The US Dollar continues to play a dominant role in the foreign exchange market, with a buying rate of 221.4240 PKR and a selling rate of 221.8401 PKR. This highlights the sustained demand for the US Dollar in various economic transactions and trade activities.
The Euro, another major currency, stands at 221.5228 PKR (buying) and 221.9326 PKR (selling), while the UK Pound has a buying rate of 254.3780 PKR and a selling rate of 254.8478 PKR.
Exchange rate fluctuations have significant implications for the economy, influencing the cost of imports, exports, and overall economic stability. Businesses, investors, and individuals closely monitor these rates to make informed decisions and manage currency-related risks.
The State Bank of Pakistan, as the central bank, plays a crucial role in regulating and stabilizing the foreign exchange market. The timely release of exchange rates ensures transparency and provides valuable information for economic participants.
Market analysts suggest that various factors such as global economic conditions, geopolitical events, and market trends can influence exchange rate movements. Therefore, stakeholders are advised to stay informed and adapt their strategies accordingly.
In conclusion, the foreign exchange rates announced by the State Bank of Pakistan on November 08, 2022, offer valuable insights into the dynamics of the foreign exchange market. These rates serve as a reference point for businesses and individuals engaged in international transactions and contribute to the overall economic landscape of Pakistan.
