The State Bank of Pakistan (SBP) released the foreign exchange rates for October 07, 2022, offering insight into the buying and selling rates of various currencies against the Pakistan Rupee (PKR).
The data, based on the weighted average rates of commercial banks, serves as a crucial reference for businesses, investors, and individuals involved in international transactions.
The SBP emphasized that the exchange rates provided are estimates compiled and disseminated for informational purposes only. These rates are indicative and quoted by commercial banks to their clients, serving as a guide for commercial transactions involving foreign currencies. The buying and selling rates for different currencies against PKR are outlined below:
• UAE Dirham (AED): Buying at 59.8382 PKR, Selling at 59.9417 PKR
• Australian Dollar (AUD): Buying at 140.5227 PKR, Selling at 140.7863 PKR
• Canadian Dollar (CAD): Buying at 159.7729 PKR, Selling at 160.0646 PKR
• Swiss Franc (CHF): Buying at 221.8163 PKR, Selling at 222.2249 PKR
• Chinese Yuan (CNY): Buying at 30.8746 PKR, Selling at 30.9312 PKR
• Euro (EUR): Buying at 214.9777 PKR, Selling at 215.3791 PKR
• UK Pound (GBP): Buying at 244.8084 PKR, Selling at 245.2709 PKR
• Japanese Yen (JPY): Buying at 1.5145 PKR, Selling at 1.5173 PKR
• Saudi Riyal (SAR): Buying at 58.4402 PKR, Selling at 58.5478 PKR
• US Dollar (USD): Buying at 219.6291 PKR, Selling at 220.0452 PKR
The foreign exchange rates provided by the SBP are crucial for businesses and individuals engaged in international trade, providing a transparent and reliable representation of the market conditions. These rates are based on the weighted average rates of commercial banks, ensuring a comprehensive reflection of the ongoing market dynamics.
Commercial banks play a pivotal role in determining these indicative exchange rates, which, in turn, influence the cost of cross-border transactions for businesses and individuals alike. The release of such data by the SBP fosters transparency in the foreign exchange market, enabling market participants to make informed decisions.
It is important to note 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.
In conclusion, the State Bank of Pakistan’s release of foreign exchange rates plays a pivotal role in shaping the landscape of international trade and finance, providing valuable information to market participants for making well-informed decisions.
