The State Bank of Pakistan (SBP) has released the foreign exchange rates for August 26, 2022, offering valuable insights into the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).
Based on the weighted average rates of commercial banks, these rates play a crucial role for businesses, investors, and individuals involved in international trade and financial transactions.
The SBP emphasized that the data is compiled and disseminated exclusively for informational purposes. These exchange rates represent estimates quoted by various commercial banks to their clients, providing the foundation for commercial transactions. In reciprocation, commercial banks furnish indicative exchange rates to facilitate seamless financial dealings with their customers.
As of August 26, 2022, the buying and selling rates for select foreign currencies against the Pakistani Rupee are as follows:
1. UAE Dirham (AED)
• Buying: 60.0439 PKR
• Selling: 60.1531 PKR
2. Australian Dollar (AUD)
• Buying: 153.3670 PKR
• Selling: 153.6510 PKR
3. Canadian Dollar (CAD)
• Buying: 170.1901 PKR
• Selling: 170.5045 PKR
4. Swiss Franc (CHF)
• Buying: 228.5698 PKR
• Selling: 228.9959 PKR
5. Chinese Yuan (CNY)
• Buying: 32.1430 PKR
• Selling: 32.1979 PKR
6. Euro (EUR)
• Buying: 219.6191 PKR
• Selling: 220.0435 PKR
7. UK Pound (GBP)
• Buying: 260.1279 PKR
• Selling: 260.6260 PKR
8. Japanese Yen (JPY)
• Buying: 1.6097 PKR
• Selling: 1.6127 PKR
9. Saudi Riyal (SAR)
• Buying: 58.6575 PKR
• Selling: 58.7679 PKR
10. US Dollar (USD)
• Buying: 220.3826 PKR
• Selling: 220.8054 PKR
These exchange rates are integral for businesses involved in international trade, impacting 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.
