The State Bank of Pakistan (SBP) has released the foreign exchange rates for October 11, 2022, presenting the buying and selling rates of various foreign currencies against the Pakistan Rupee (PKR).
These rates, computed based on the weighted average rates reported by commercial banks, offer valuable insights into the dynamics of the foreign exchange market.
As of October 11, 2022, the buying and selling rates of foreign currencies in PKR are as follows:
• UAE Dirham (AED): Buying – 59.1121 PKR, Selling – 59.2177 PKR
• Australian Dollar (AUD): Buying – 135.8520 PKR, Selling – 136.1143 PKR
• Canadian Dollar (CAD): Buying – 156.7554 PKR, Selling – 157.0472 PKR
• Swiss Franc (CHF): Buying – 216.7944 PKR, Selling – 217.1949 PKR
• Chinese Yuan (CNY): Buying – 30.2049 PKR, Selling – 30.2573 PKR
• Euro (EUR): Buying – 210.3367 PKR, Selling – 210.7350 PKR
• UK Pound (GBP): Buying – 239.2117 PKR, Selling – 239.6734 PKR
• Japanese Yen (JPY): Buying – 1.4882 PKR, Selling – 1.4912 PKR
• Saudi Riyal (SAR): Buying – 57.7234 PKR, Selling – 57.8336 PKR
• US Dollar (USD): Buying – 216.9669 PKR, Selling – 217.3830 PKR
The SBP emphasized that the data is compiled and disseminated for informational purposes only. These exchange rates represent estimates quoted by various commercial banks to their clients, serving as a reference for commercial transactions.
Commercial banks provide indicative exchange rates to facilitate commercial transactions with customers, allowing businesses and individuals to make informed decisions regarding international trade and financial activities. It is important to note that these rates are subject to change based on market conditions and the policies of individual banks.
The release of foreign exchange rates by the State Bank of Pakistan is a routine practice aimed at ensuring transparency in the financial market. Regular updates on exchange rates empower the public, businesses, and investors with the necessary information to navigate the international financial landscape and make strategic decisions aligned with market conditions.
As the global economic landscape continues to evolve, foreign exchange rates play a crucial role in influencing cross-border transactions, trade, and investment decisions. The SBP’s commitment to transparency contributes to the stability and confidence in Pakistan’s financial markets, fostering an environment where businesses and individuals can navigate the complexities of the ever-changing global economy.
