The State Bank of Pakistan (SBP) has officially released the foreign exchange rates for August 18, 2022. The rates are based on the weighted average rates of commercial banks and are crucial for individuals and businesses engaged in international transactions.
The SBP emphasized that the data provided is compiled and disseminated for informational purposes only. These exchange rates are estimates quoted by various commercial banks to their clients, and they serve as indicative values for commercial transactions.
The buying and selling rates of foreign currencies against the Pakistan Rupee (PKR) are as follows:
• AED (UAE Dirham):
• Buying: 58.5330 PKR
• Selling: 58.6433 PKR
• AUD (Australian Dollar):
• Buying: 148.6460 PKR
• Selling: 148.9286 PKR
• CAD (Canadian Dollar):
• Buying: 166.1389 PKR
• Selling: 166.4460 PKR
• CHF (Swiss Franc):
• Buying: 225.4908 PKR
• Selling: 225.9082 PKR
• CNY (Chinese Yuan):
• Buying: 31.6398 PKR
• Selling: 31.6961 PKR
• EUR (Euro):
• Buying: 218.3726 PKR
• Selling: 218.7956 PKR
• GBP (British Pound):
• Buying: 258.3313 PKR
• Selling: 258.8365 PKR
• JPY (Japanese Yen):
• Buying: 1.5888 PKR
• Selling: 1.5918 PKR
• SAR (Saudi Riyal):
• Buying: 57.2296 PKR
• Selling: 57.3383 PKR
• USD (US Dollar):
• Buying: 214.8426 PKR
• Selling: 215.2654 PKR
These rates provide a snapshot of the foreign exchange market, indicating the value of the Pakistani Rupee against various major currencies. The buying rate represents the amount of PKR required to purchase one unit of the foreign currency, while the selling rate reflects the amount of PKR received when selling one unit of the foreign currency.
Importantly, these rates play a crucial role in facilitating international trade, travel, and financial transactions. Businesses engaged in cross-border commerce closely monitor these rates to make informed decisions, while individuals planning foreign travel or remittances rely on them for cost calculations.
It’s essential to note that exchange rates are subject to fluctuations based on various economic factors, geopolitical events, and market dynamics. Traders, investors, and financial institutions continuously analyze these rates to stay ahead in the dynamic global financial landscape.
In conclusion, the release of foreign exchange rates by the State Bank of Pakistan is a significant event for businesses and individuals alike, providing valuable insights into the current state of the currency market and influencing financial decisions across the country.