KARACHI – The State Bank of Pakistan (SBP) has released the foreign exchange rates for October 28, 2022, reflecting the value of the Pakistani Rupee (PKR) against various major currencies.
These rates, based on the weighted average rates of commercial banks, are crucial indicators for international trade, investments, and financial transactions.
As of October 28, 2022, here are the buying and selling rates for select foreign currencies in PKR:
• UAE Dirham (AED):
• Buying: 60.5745 PKR
• Selling: 60.6808 PKR
• Australian Dollar (AUD):
• Buying: 143.1537 PKR
• Selling: 143.4127 PKR
• Canadian Dollar (CAD):
• Buying: 163.7401 PKR
• Selling: 164.0348 PKR
• Swiss Franc (CHF):
• Buying: 224.0731 PKR
• Selling: 224.4821 PKR
• Chinese Yuan (CNY):
• Buying: 30.7378 PKR
• Selling: 30.7893 PKR
• Euro (EUR):
• Buying: 221.7393 PKR
• Selling: 222.1552 PKR
• UK Pound (GBP):
• Buying: 256.5663 PKR
• Selling: 257.0454 PKR
• Japanese Yen (JPY):
• Buying: 1.5162 PKR
• Selling: 1.5189 PKR
• Saudi Riyal (SAR):
• Buying: 59.1730 PKR
• Selling: 59.2812 PKR
• US Dollar (USD):
• Buying: 222.3276 PKR
• Selling: 222.7437 PKR
These exchange rates play a vital role in shaping the dynamics of international trade and financial transactions. The USD to PKR exchange rate, for instance, stands at 222.3276 PKR for buying and 222.7437 PKR for selling on this particular day. It is essential for businesses, investors, and individuals engaged in cross-border activities to closely monitor these rates as they directly impact the cost of imports, exports, and investments.
The fluctuations in exchange rates are influenced by various factors such as economic indicators, geopolitical events, and market sentiment. Central banks, including the State Bank of Pakistan, often intervene in the foreign exchange market to stabilize their national currencies and maintain economic stability.
The release of these rates is not only significant for the business community but also for policymakers and economists who analyze them to gauge the health of the economy. A higher exchange rate may boost exports but could increase the cost of imports, while a lower exchange rate may have the opposite effect.
As the global economy continues to evolve, the State Bank of Pakistan remains committed to providing timely and accurate information to ensure transparency in the foreign exchange market. The regular updates on exchange rates enable stakeholders to make informed decisions and navigate the complexities of international trade and finance.
