KARACHI – The State Bank of Pakistan (SBP) has released the foreign exchange rates for August 31, 2022, offering customers and businesses valuable insights into the currency market.
These rates, based on the weighted average rates of commercial banks, serve as a crucial reference for individuals and enterprises engaged in international transactions.
The SBP emphasized 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, presenting 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 31, 2022:
• UAE Dirham (AED):
• Buying: PKR 59.5403
• Selling: PKR 59.6524
• Australian Dollar (AUD):
• Buying: PKR 150.6338
• Selling: PKR 150.9177
• Canadian Dollar (CAD):
• Buying: PKR 167.1549
• Selling: PKR 167.4698
• Swiss Franc (CHF):
• Buying: PKR 224.5509
• Selling: PKR 224.9785
• Chinese Yuan (CNY):
• Buying: PKR 31.7124
• Selling: PKR 31.7695
• Euro (EUR):
• Buying: PKR 219.2394
• Selling: PKR 219.6619
• UK Pound (GBP):
• Buying: PKR 255.2187
• Selling: PKR 255.7282
• Japanese Yen (JPY):
• Buying: PKR 1.5782
• Selling: PKR 1.5812
• Saudi Riyal (SAR):
• Buying: PKR 58.1820
• Selling: PKR 58.2941
• US Dollar (USD):
• Buying: PKR 218.5288
• Selling: PKR 218.9573
These exchange rates act as critical benchmarks for businesses involved in international trade, guiding them in making informed decisions regarding currency conversions. The SBP’s commitment to transparency is evident in the timely release of this information, reflecting the market dynamics shaped by the weighted average rates of commercial banks.
Market participants should be aware that exchange rates are subject to fluctuations influenced by economic factors, geopolitical events, and global market conditions. Therefore, individuals and businesses engaged in cross-border transactions are advised 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.
