State Bank of Pakistan (SBP) on November 6, 2023, updated foreign currency exchange rates were issued, presenting significant insights for traders and the business community.
The rates are determined based on the weighted average rates of commercial banks operating within the country.
As per the SBP’s latest release, the US Dollar (USD) is currently trading at a buying rate of 284.8887 and a selling rate of 285.3285 Pakistani Rupees (PKR). This figure provides a crucial benchmark for financial planning and foreign transactions by local businesses engaged in import-export activities.
The British Pound (GBP) also shows a strong position against the PKR, with a buying rate of 352.7786 and a selling rate of 353.3436. This rate is particularly significant given the extensive trade and remittance flow between Pakistan and the United Kingdom.
The Euro (EUR) remains another major currency closely watched by the market, currently set at a buying rate of 305.9653 and a selling rate of 306.4402 PKR. With Europe being one of Pakistan’s significant trading partners, fluctuations in the Euro exchange rate could impact various sectors, especially imports from the region.
For investors and businesses involved with the Asia-Pacific region, the Australian Dollar (AUD) and the Chinese Yuan (CNY) hold considerable interest. The AUD is currently listed at 185.5736 for buying and 185.8692 for selling. Meanwhile, the CNY stands at 39.1441 for buying and 39.1968 for selling, reflecting the ongoing trade activities and investments between China and Pakistan.
Other notable currencies include the Canadian Dollar (CAD), which is essential for Pakistani expatriates and traders involved with North America. The CAD is trading at a buying rate of 208.7239 and a selling rate of 209.0509 PKR.
In the Middle East, where many Pakistanis reside and work, the UAE Dirham (AED) and Saudi Riyal (SAR) are crucial. The AED is being traded at 77.6269 for buying and 77.7422 for selling, while the SAR records a buying rate of 75.9464 and a selling rate of 76.0590 PKR.
The Japanese Yen (JPY), a lesser-used but still significant currency on the Pakistani market, is trading at 1.9048 for buying and 1.9076 for selling, indicating its role in trade and investment between Japan and Pakistan.
These exchange rates on November 6, 2023 not only facilitate trade and investment decisions but also provide a snapshot of Pakistan’s economic interactions on a global scale. Businesses and individuals engaged in foreign transactions monitor these rates closely to optimize their financial strategies and minimize risks associated with currency fluctuation. The SBP continues to play a pivotal role in providing this crucial financial information, supporting economic stability and facilitating international trade.
