KARACHI – In a routine update, the State Bank of Pakistan (SBP) released the foreign exchange rates for October 31, 2022. The rates are determined based on the weighted average rates of commercial banks operating in the country.
The exchange rates provided by the State Bank of Pakistan play a crucial role in the country’s economy, affecting trade, investment, and financial transactions. These rates are indicative of the value of the Pakistani Rupee (PKR) against various foreign currencies. As of October 31, 2022, here are the buying and selling rates for major currencies:
• UAE Dirham (AED):
• Buying: 59.9964 PKR
• Selling: 60.1033 PKR
• Australian Dollar (AUD):
• Buying: 141.3211 PKR
• Selling: 141.5791 PKR
• Canadian Dollar (CAD):
• Buying: 161.6663 PKR
• Selling: 161.9614 PKR
• Swiss Franc (CHF):
• Buying: 220.7786 PKR
• Selling: 221.1842 PKR
• Chinese Yuan (CNY):
• Buying: 30.2532 PKR
• Selling: 30.3047 PKR
• Euro (EUR):
• Buying: 219.1219 PKR
• Selling: 219.5376 PKR
• UK Pound (GBP):
• Buying: 255.3691 PKR
• Selling: 255.8480 PKR
• Japanese Yen (JPY):
• Buying: 1.4891 PKR
• Selling: 1.4918 PKR
• Saudi Riyal (SAR):
• Buying: 58.6059 PKR
• Selling: 58.7154 PKR
• US Dollar (USD):
• Buying: 220.2162 PKR
• Selling: 220.6323 PKR
These rates provide a snapshot of the market conditions and reflect the demand and supply dynamics in the foreign exchange market. The USD to PKR exchange rate, a crucial indicator for international trade, stands at 220.2162 PKR for buying and 220.6323 PKR for selling.
The fluctuation in exchange rates can impact various sectors of the economy. A higher exchange rate implies a weaker domestic currency, which can boost exports but may lead to higher import costs. On the other hand, a lower exchange rate can make imports more affordable but may pose challenges for exporters.
Economic analysts will closely monitor these rates and their implications for the overall economic health of the country. The stability of exchange rates is crucial for businesses engaged in international trade and for investors making cross-border transactions.
It’s important to note that exchange rates are influenced by a variety of factors, including 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.
As businesses and individuals engage in cross-border transactions, they should stay informed about these exchange rates to make well-informed financial decisions. The State Bank of Pakistan continues to play a pivotal role in maintaining financial stability and facilitating international trade through its regular updates on foreign exchange rates.
