State Bank issues foreign exchange rates on November 17, 2022

State Bank issues foreign exchange rates on November 17, 2022

Karachi, November 17, 2022 – The State Bank of Pakistan (SBP) has issued the foreign exchange rates for today, revealing the buying and selling prices of various foreign currencies against the Pakistan Rupee (PKR).

These rates, computed on the basis of the weighted average rates of commercial banks, play a pivotal role in shaping international trade, investment, and financial transactions.

As of November 17, 2022, the exchange rates for different currencies are as follows:

• UAE Dirham (AED): Buying – 60.5988 PKR, Selling – 60.7078 PKR

• Australian Dollar (AUD): Buying – 149.5399 PKR, Selling – 149.8110 PKR

• Canadian Dollar (CAD): Buying – 166.7293 PKR, Selling – 167.0300 PKR

• Swiss Franc (CHF): Buying – 235.2243 PKR, Selling – 235.6524 PKR

• Chinese Yuan (CNY): Buying – 31.2101 PKR, Selling – 31.2617 PKR

• Euro (EUR): Buying – 230.9107 PKR, Selling – 231.3431 PKR

• UK Pound (GBP): Buying – 264.6609 PKR, Selling – 265.1529 PKR

• Japanese Yen (JPY): Buying – 1.5940 PKR, Selling – 1.5969 PKR

• Saudi Riyal (SAR): Buying – 59.1854 PKR, Selling – 59.2918 PKR

• US Dollar (USD): Buying – 222.4281 PKR, Selling – 222.8442 PKR

The US Dollar maintains its significance in the foreign exchange market, with a buying rate of 222.4281 PKR and a selling rate of 222.8442 PKR. This highlights the consistent demand for the US Dollar in various economic transactions and trade activities.

The Euro, another major currency, stands at 230.9107 PKR (buying) and 231.3431 PKR (selling), while the UK Pound has a buying rate of 264.6609 PKR and a selling rate of 265.1529 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 17, 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.