The State Bank of Pakistan (SBP) has released the foreign exchange rates for October 05, 2022, providing a detailed overview of the buying and selling rates of various currencies against the Pakistan Rupee (PKR).
The rates, calculated based on the weighted average rates of commercial banks, are critical for businesses, investors, and individuals involved in international transactions.
The SBP clarified that the exchange rates issued are estimates compiled and disseminated solely for informational purposes. These indicative rates are quoted by commercial banks to their clients and serve as a benchmark for commercial transactions involving foreign currencies. The buying and selling rates for different currencies against PKR are outlined below:
• UAE Dirham (AED): Buying at 60.8997 PKR, Selling at 61.0043 PKR
• Australian Dollar (AUD): Buying at 145.3884 PKR, Selling at 145.6573 PKR
• Canadian Dollar (CAD): Buying at 165.2981 PKR, Selling at 165.5944 PKR
• Swiss Franc (CHF): Buying at 227.9262 PKR, Selling at 228.3396 PKR
• Chinese Yuan (CNY): Buying at 31.4689 PKR, Selling at 31.5243 PKR
• Euro (EUR): Buying at 223.0489 PKR, Selling at 223.4654 PKR
• UK Pound (GBP): Buying at 256.2005 PKR, Selling at 256.6642 PKR
• Japanese Yen (JPY): Buying at 1.5500 PKR, Selling at 1.5528 PKR
• Saudi Riyal (SAR): Buying at 59.4733 PKR, Selling at 59.5829 PKR
• US Dollar (USD): Buying at 223.5323 PKR, Selling at 223.9484 PKR
The foreign exchange rates disclosed by the SBP are pivotal for navigating international trade and finance. These rates, based on the weighted average rates of commercial banks, provide a comprehensive and reliable overview of the currency market’s dynamics.
Commercial banks, in establishing their indicative exchange rates, play a crucial role in determining the costs associated with cross-border transactions for businesses and individuals. The release of such data by the SBP promotes transparency in the foreign exchange market, fostering a competitive and fair environment.
It is crucial to recognize that exchange rates are susceptible to market fluctuations and external economic factors. The SBP’s regular disclosure of foreign exchange rates facilitates businesses and individuals in staying abreast of the currency market’s ever-evolving landscape.
The SBP reiterated that the disclosed rates are estimates, and actual rates may vary at the time of conducting transactions. Market participants are advised to stay informed about the latest developments in foreign exchange markets to adapt to changing conditions.
The State Bank of Pakistan’s release of foreign exchange rates is an invaluable resource for market participants, contributing to the transparency and efficiency of international trade and finance. This information empowers businesses and individuals to navigate the intricacies of the currency market and make well-informed decisions.
