Karachi, November 16, 2022 – The State Bank of Pakistan (SBP) has released the foreign exchange rates for today, providing valuable information about the buying and selling prices of various foreign currencies against the Pakistan Rupee (PKR).
These rates, calculated on the basis of the weighted average rates of commercial banks, play a vital role in shaping international trade, investment, and financial transactions.
As of November 16, 2022, the exchange rates for different currencies are as follows:
• UAE Dirham (AED): Buying – 60.5298 PKR, Selling – 60.6389 PKR
• Australian Dollar (AUD): Buying – 150.1534 PKR, Selling – 150.4249 PKR
• Canadian Dollar (CAD): Buying – 167.3049 PKR, Selling – 167.6067 PKR
• Swiss Franc (CHF): Buying – 235.2636 PKR, Selling – 235.6936 PKR
• Chinese Yuan (CNY): Buying – 31.3882 PKR, Selling – 31.4411 PKR
• Euro (EUR): Buying – 230.5140 PKR, Selling – 230.9326 PKR
• UK Pound (GBP): Buying – 263.4698 PKR, Selling – 263.9435 PKR
• Japanese Yen (JPY): Buying – 1.5882 PKR, Selling – 1.5911 PKR
• Saudi Riyal (SAR): Buying – 59.1196 PKR, Selling – 59.2253 PKR
• US Dollar (USD): Buying – 222.1464 PKR, Selling – 222.5625 PKR
The US Dollar continues to be a significant player in the foreign exchange market, with a buying rate of 222.1464 PKR and a selling rate of 222.5625 PKR. This emphasizes the sustained demand for the US Dollar in various economic transactions and trade activities.
The Euro, another major currency, stands at 230.5140 PKR (buying) and 230.9326 PKR (selling), while the UK Pound has a buying rate of 263.4698 PKR and a selling rate of 263.9435 PKR.
Exchange rate fluctuations have substantial 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 16, 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.
