In its latest disclosure, the State Bank of Pakistan (SBP) issued the foreign exchange rates for October 06, 2022, providing a snapshot of the buying and selling rates of various currencies against the Pakistan Rupee (PKR).
The rates, calculated on the basis of weighted average rates from commercial banks, offer a crucial reference for businesses, investors, and individuals engaged in international transactions.
The SBP emphasized that the exchange rates provided are estimates compiled and disseminated for informational purposes only. These rates are indicative, quoted by commercial banks to their clients, serving as benchmarks for commercial transactions involving foreign currencies. The buying and selling rates for different currencies against PKR are as follows:
• UAE Dirham (AED): Buying at 60.3772 PKR, Selling at 60.4825 PKR
• Australian Dollar (AUD): Buying at 144.4237 PKR, Selling at 144.6847 PKR
• Canadian Dollar (CAD): Buying at 162.9970 PKR, Selling at 163.2919 PKR
• Swiss Franc (CHF): Buying at 226.2329 PKR, Selling at 226.6465 PKR
• Chinese Yuan (CNY): Buying at 31.1878 PKR, Selling at 31.2445 PKR
• Euro (EUR): Buying at 219.6267 PKR, Selling at 220.0399 PKR
• UK Pound (GBP): Buying at 251.2653 PKR, Selling at 251.7356 PKR
• Japanese Yen (JPY): Buying at 1.5331 PKR, Selling at 1.5359 PKR
• Saudi Riyal (SAR): Buying at 58.9605 PKR, Selling at 59.0673 PKR
• US Dollar (USD): Buying at 221.6101 PKR, Selling at 222.0262 PKR
The foreign exchange rates provided by the SBP play a crucial role in facilitating international trade, allowing businesses and individuals to make informed decisions. These rates, based on the weighted average rates of commercial banks, provide a comprehensive overview of the market dynamics.
Commercial banks, in determining their indicative exchange rates, influence the cost of cross-border transactions for businesses and individuals. The release of such data by the SBP promotes transparency in the foreign exchange market, fostering a fair and competitive environment.
It is important to recognize that exchange rates are subject to market fluctuations and external economic factors. The SBP’s regular disclosure of foreign exchange rates aids businesses and individuals in staying abreast of the currency market’s ever-changing 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 serves as a valuable tool for market participants, contributing to the transparency and efficiency of the international trade and finance landscape. Businesses and individuals alike can utilize this information to navigate the complexities of the currency market and make well-informed decisions.
