The State Bank of Pakistan (SBP) unveiled the foreign exchange rates for October 10, 2022, providing a snapshot of buying and selling rates for various currencies against the Pakistan Rupee (PKR).
The data, compiled on the basis of weighted average rates from commercial banks, serves as a reference for commercial transactions and is essential for individuals and businesses engaged in international trade.
The SBP clarified that the disclosed exchange rates are compiled and disseminated for informational purposes only. These rates are estimates provided by commercial banks to their clients, reflecting the indicative rates for conducting commercial transactions. The buying and selling rates for foreign currencies against PKR are as follows:
• UAE Dirham (AED): Buying at 59.2763 PKR, Selling at 59.3837 PKR
• Australian Dollar (AUD): Buying at 137.5444 PKR, Selling at 137.7975 PKR
• Canadian Dollar (CAD): Buying at 158.3016 PKR, Selling at 158.5932 PKR
• Swiss Franc (CHF): Buying at 218.7639 PKR, Selling at 219.1590 PKR
• Chinese Yuan (CNY): Buying at 30.5955 PKR, Selling at 30.6487 PKR
• Euro (EUR): Buying at 211.6588 PKR, Selling at 212.0658 PKR
• UK Pound (GBP): Buying at 241.0123 PKR, Selling at 241.4731 PKR
• Japanese Yen (JPY): Buying at 1.4968 PKR, Selling at 1.4996 PKR
• Saudi Riyal (SAR): Buying at 57.8874 PKR, Selling at 57.9975 PKR
• US Dollar (USD): Buying at 217.5687 PKR, Selling at 217.9848 PKR
The foreign exchange rates provided by the SBP are instrumental for businesses engaged in international trade, investors, and individuals involved in foreign transactions. The rates are based on the weighted average of commercial banks, ensuring a comprehensive and reliable representation of the market.
Commercial banks play a vital role in determining these exchange rates, offering indicative rates to their clients. These rates, in turn, influence the cost of importing and exporting goods, international investments, and travel expenses for individuals.
It’s important to note that exchange rates are subject to market fluctuations and external factors. The SBP, through its periodic releases of foreign exchange rates, facilitates transparency and enables market participants to make informed decisions. The data serves as a valuable resource for businesses and individuals navigating the dynamic landscape of international finance.
The SBP emphasized that the disclosed rates are estimates, and actual rates may vary at the time of conducting transactions. Market participants are encouraged to stay informed about the latest developments in foreign exchange markets to adapt to changing conditions.
In conclusion, the release of foreign exchange rates by the State Bank of Pakistan provides a crucial insight into the currency market, empowering businesses and individuals with the information needed to navigate the complexities of international trade and finance.
