KARACHI – The State Bank of Pakistan (SBP) has issued the foreign exchange rates for July 12, 2023.
These rates, based on the weighted average rates of commercial banks, provide valuable insights into the buying and selling prices of various foreign currencies against the Pakistani Rupee (PKR).
As of July 12, 2023, the exchange rates for a range of foreign currencies are as follows:
• UAE Dirham (AED):
• Buying: 75.5569 PKR
• Selling: 75.6631 PKR
• Australian Dollar (AUD):
• Buying: 186.0956 PKR
• Selling: 186.3616 PKR
• Canadian Dollar (CAD):
• Buying: 209.9425 PKR
• Selling: 210.2403 PKR
• Swiss Franc (CHF):
• Buying: 316.0607 PKR
• Selling: 316.5239 PKR
• Chinese Yuan (CNY):
• Buying: 38.5911 PKR
• Selling: 38.6427 PKR
• Euro (EUR):
• Buying: 305.9040 PKR
• Selling: 306.3638 PKR
• UK Pound (GBP):
• Buying: 359.3335 PKR
• Selling: 359.8650 PKR
• Japanese Yen (JPY):
• Buying: 1.9881 PKR
• Selling: 1.9911 PKR
• Saudi Riyal (SAR):
• Buying: 73.9467 PKR
• Selling: 74.0532 PKR
• US Dollar (USD):
• Buying: 277.3181 PKR
• Selling: 277.7342 PKR
These rates, issued by the SBP, are indicative of the prevailing market conditions and provide a reference point for individuals and businesses engaged in foreign exchange transactions. The weighted average rates of commercial banks serve as a benchmark, reflecting the dynamic nature of the foreign exchange market.
The exchange rates are crucial for various economic activities, including international trade, investment, and financial transactions. The values against the PKR represent the cost of acquiring or selling each unit of foreign currency in the open market, influencing cross-border commerce and financial decisions.
The SBP, as the central bank of Pakistan, plays a pivotal role in overseeing the country’s monetary policy and managing foreign exchange reserves. The release of exchange rates is part of the SBP’s commitment to transparency and providing timely information to market participants.
It’s important to note that foreign exchange rates are subject to fluctuations influenced by global economic trends, geopolitical events, and market dynamics. Individuals and businesses are advised to stay informed about real-time exchange rates to make informed decisions regarding their financial transactions.
In conclusion, the release of foreign exchange rates by the State Bank of Pakistan on July 12, 2023, offers valuable information to market participants, enabling them to navigate the complexities of the foreign exchange market. The transparent disclosure of rates contributes to informed decision-making and fosters confidence in the stability of Pakistan’s financial landscape.
