State Bank’s foreign exchange rates – August 29, 2022

State Bank’s foreign exchange rates – August 29, 2022

KARACHI – The State Bank of Pakistan (SBP) has unveiled the foreign exchange rates for August 29, 2022, providing valuable information to customers, businesses, and investors.

These rates, based on the weighted average rates of commercial banks, serve as crucial benchmarks for individuals and enterprises engaged in international transactions.

The SBP clarified that the provided data is compiled and disseminated for informational purposes only. These exchange rates are estimates quoted by various commercial banks to their clients, offering indicative rates for commercial transactions.

Here is the breakdown of the buying and selling rates of foreign currencies against the Pakistani Rupee (PKR) as of August 29, 2022:

• UAE Dirham (AED):

• Buying: PKR 60.4290

• Selling: PKR 60.5400

• Australian Dollar (AUD):

• Buying: PKR 152.0211

• Selling: PKR 152.3001

• Canadian Dollar (CAD):

• Buying: PKR 169.7268

• Selling: PKR 170.0379

• Swiss Franc (CHF):

• Buying: PKR 228.7081

• Selling: PKR 229.1371

• Chinese Yuan (CNY):

• Buying: PKR 32.0736

• Selling: PKR 32.1302

• Euro (EUR):

• Buying: PKR 220.2827

• Selling: PKR 220.7061

• UK Pound (GBP):

• Buying: PKR 258.7277

• Selling: PKR 259.2199

• Japanese Yen (JPY):

• Buying: PKR 1.5981

• Selling: PKR 1.6011

• Saudi Riyal (SAR):

• Buying: PKR 59.0529

• Selling: PKR 59.1618

• US Dollar (USD):

• Buying: PKR 221.8048

• Selling: PKR 222.2276

These exchange rates play a crucial role for businesses and individuals engaged in international trade, providing a reference point for decision-making on currency conversions. The SBP’s commitment to transparency is evident through the timely release of this information, reflecting the market dynamics shaped by the weighted average rates of commercial banks.

It’s important to note that exchange rates are subject to fluctuations due to various economic factors, geopolitical events, and global market conditions. Therefore, individuals and businesses involved in cross-border transactions are encouraged to stay informed and regularly monitor updates from the State Bank of Pakistan.

The SBP’s proactive role in providing accurate and timely information contributes to the stability and transparency of the financial system in Pakistan. As the global economic landscape continues to evolve, access to reliable exchange rate information becomes increasingly crucial for businesses to navigate risks and make well-informed financial decisions.