The State Bank of Pakistan (SBP) has issued the foreign exchange rates for August 24, 2022, providing crucial information on the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).
These rates, calculated based on the weighted average rates of commercial banks, play a pivotal role for businesses, investors, and individuals involved 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 foundation for commercial transactions. Commercial banks reciprocate by providing indicative exchange rates to facilitate seamless financial dealings with their customers.
As of August 24, 2022, the buying and selling rates for select foreign currencies against the Pakistani Rupee are as follows:
1. UAE Dirham (AED)
• Buying: 59.4490 PKR
• Selling: 59.5558 PKR
2. Australian Dollar (AUD)
• Buying: 150.7156 PKR
• Selling: 150.9972 PKR
3. Canadian Dollar (CAD)
• Buying: 168.1519 PKR
• Selling: 168.4656 PKR
4. Swiss Franc (CHF)
• Buying: 226.0086 PKR
• Selling: 226.4352 PKR
5. Chinese Yuan (CNY)
• Buying: 31.8158 PKR
• Selling: 31.8728 PKR
6. Euro (EUR)
• Buying: 217.0676 PKR
• Selling: 217.4914 PKR
7. UK Pound (GBP)
• Buying: 257.7385 PKR
• Selling: 258.2494 PKR
8. Japanese Yen (JPY)
• Buying: 1.5969 PKR
• Selling: 1.5999 PKR
9. Saudi Riyal (SAR)
• Buying: 58.1039 PKR
• Selling: 58.2129 PKR
10. US Dollar (USD)
• Buying: 218.2044 PKR
• Selling: 218.6272 PKR
These exchange rates are crucial for businesses involved in international trade, influencing the cost of imported goods and the revenue generated from exports. Individuals engaged 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.
