The State Bank of Pakistan (SBP) has released the foreign exchange rates for August 23, 2022, providing valuable insights into the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).
These rates, computed based on the weighted average rates of commercial banks, are crucial for businesses, investors, and individuals engaged in international trade and financial transactions.
The SBP clarified that the data is compiled and disseminated exclusively for informational purposes. These exchange rates represent estimates quoted by various commercial banks to their clients, forming the basis for commercial transactions. In return, commercial banks furnish indicative exchange rates to facilitate seamless financial dealings with their customers.
As of August 23, 2022, the buying and selling rates for select foreign currencies against the Pakistani Rupee are as follows:
1. UAE Dirham (AED)
• Buying: 59.1116 PKR
• Selling: 59.2192 PKR
2. Australian Dollar (AUD)
• Buying: 149.0515 PKR
• Selling: 149.3267 PKR
3. Canadian Dollar (CAD)
• Buying: 166.3349 PKR
• Selling: 166.6400 PKR
4. Swiss Franc (CHF)
• Buying: 224.9056 PKR
• Selling: 225.3226 PKR
5. Chinese Yuan (CNY)
• Buying: 31.6435 PKR
• Selling: 31.7002 PKR
6. Euro (EUR)
• Buying: 215.3129 PKR
• Selling: 215.7227 PKR
7. UK Pound (GBP)
• Buying: 254.8420 PKR
• Selling: 255.3245 PKR
8. Japanese Yen (JPY)
• Buying: 1.5805 PKR
• Selling: 1.5835 PKR
9. Saudi Riyal (SAR)
• Buying: 57.7855 PKR
• Selling: 57.8939 PKR
10. US Dollar (USD)
• Buying: 216.9730 PKR
• Selling: 217.3958 PKR
These exchange rates play a pivotal role in the business landscape, impacting the cost of imported goods and the revenue generated from exports. Individuals involved in foreign investments and travel also rely on these rates to make informed financial decisions.
The SBP encourages market participants to exercise caution and stay informed about the latest developments in the foreign exchange market. As the global economic landscape continues to evolve, the central bank remains dedicated to ensuring transparency and providing timely information to support the stability of the national currency and foster economic growth.
Market participants are urged to regularly monitor these rates, as they are subject to fluctuations based on international economic trends and geopolitical events. The SBP will continue to closely observe market conditions and make necessary adjustments to promote a resilient and robust foreign exchange market in Pakistan.
