State Bank issues foreign exchange rates on November 24, 2022

State Bank issues foreign exchange rates on November 24, 2022

Karachi, November 24, 2022 – The State Bank of Pakistan (SBP) has unveiled 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, based on the weighted average rates of commercial banks, play a critical role in shaping international trade, investment, and financial transactions.

As of November 24, 2022, the exchange rates for different currencies are as follows:

• UAE Dirham (AED): Buying – 60.9553 PKR, Selling – 61.0618 PKR

• Australian Dollar (AUD): Buying – 151.2103 PKR, Selling – 151.4818 PKR

• Canadian Dollar (CAD): Buying – 167.6838 PKR, Selling – 167.9846 PKR

• Swiss Franc (CHF): Buying – 237.8916 PKR, Selling – 238.3317 PKR

• Chinese Yuan (CNY): Buying – 31.3473 PKR, Selling – 31.3993 PKR

• Euro (EUR): Buying – 233.4850 PKR, Selling – 233.9192 PKR

• UK Pound (GBP): Buying – 270.5140 PKR, Selling – 271.0024 PKR

• Japanese Yen (JPY): Buying – 1.6122 PKR, Selling – 1.6151 PKR

• Saudi Riyal (SAR): Buying – 59.5443 PKR, Selling – 59.6488 PKR

• US Dollar (USD): Buying – 223.7379 PKR, Selling – 224.1540 PKR

The US Dollar remains a significant player in the foreign exchange market, with a buying rate of 223.7379 PKR and a selling rate of 224.1540 PKR. This underscores the persistent demand for the US Dollar in various economic transactions and trade activities.

The Euro, another major currency, stands at 233.4850 PKR (buying) and 233.9192 PKR (selling), while the UK Pound has a buying rate of 270.5140 PKR and a selling rate of 271.0024 PKR.

Exchange rate fluctuations can have far-reaching 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 24, 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.