The State Bank of Pakistan (SBP) released the foreign exchange rates for October 12, 2022, shedding light on the buying and selling rates of various foreign currencies against the Pakistan Rupee (PKR).
These rates, calculated based on the weighted average rates reported by commercial banks, provide valuable information about the current state of the foreign exchange market.
As of October 12, 2022, the buying and selling rates of foreign currencies in PKR are as follows:
• UAE Dirham (AED): Buying – 59.3067 PKR, Selling – 59.4130 PKR
• Australian Dollar (AUD): Buying – 136.6844 PKR, Selling – 136.9363 PKR
• Canadian Dollar (CAD): Buying – 157.8346 PKR, Selling – 158.1248 PKR
• Swiss Franc (CHF): Buying – 218.7660 PKR, Selling – 219.1765 PKR
• Chinese Yuan (CNY): Buying – 30.4013 PKR, Selling – 30.4547 PKR
• Euro (EUR): Buying – 211.6447 PKR, Selling – 212.0508 PKR
• UK Pound (GBP): Buying – 239.4871 PKR, Selling – 239.9445 PKR
• Japanese Yen (JPY): Buying – 1.4893 PKR, Selling – 1.4920 PKR
• Saudi Riyal (SAR): Buying – 57.9164 PKR, Selling – 58.0265 PKR
• US Dollar (USD): Buying – 217.6750 PKR, Selling – 218.0911 PKR
The SBP clarified that the data is compiled and disseminated for informational purposes only. These exchange rates represent estimates quoted by various commercial banks to their clients and are indicative of the rates used for commercial transactions.
Commercial banks provide indicative exchange rates to facilitate commercial transactions with their customers, enabling 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.
