The State Bank of Pakistan (SBP) has unveiled the foreign exchange rates for October 13, 2022, providing valuable insights into the buying and selling rates of various foreign currencies against the Pakistan Rupee (PKR).
These rates, based on the weighted average rates reported by commercial banks, play a crucial role in shaping the dynamics of the foreign exchange market.
As of October 13, 2022, the following are the buying and selling rates of foreign currencies in PKR:
• UAE Dirham (AED): Buying – 59.4041 PKR, Selling – 59.5118 PKR
• Australian Dollar (AUD): Buying – 136.8124 PKR, Selling – 137.0717 PKR
• Canadian Dollar (CAD): Buying – 157.7338 PKR, Selling – 158.0184 PKR
• Swiss Franc (CHF): Buying – 218.4375 PKR, Selling – 218.8427 PKR
• Chinese Yuan (CNY): Buying – 30.3485 PKR, Selling – 30.3999 PKR
• Euro (EUR): Buying – 211.5354 PKR, Selling – 211.9409 PKR
• UK Pound (GBP): Buying – 241.5322 PKR, Selling – 241.9919 PKR
• Japanese Yen (JPY): Buying – 1.4846 PKR, Selling – 1.4878 PKR
• Saudi Riyal (SAR): Buying – 58.0216 PKR, Selling – 58.1311 PKR
• US Dollar (USD): Buying – 218.0444 PKR, Selling – 218.4605 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 and serve as a reference for commercial transactions.
Commercial banks provide their indicative exchange rates for conducting 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 indicative and may vary slightly based on market conditions and the policies of individual banks.
The release of foreign exchange rates by the State Bank of Pakistan is a fundamental practice in maintaining transparency in the financial market. By regularly publishing exchange rates, the SBP ensures that the public, businesses, and investors stay informed about the prevailing currency exchange landscape. This information is vital for navigating the complexities of the international financial system and making strategic decisions aligned with market conditions.
As the global economic landscape continues to evolve, foreign exchange rates play a pivotal role in facilitating cross-border transactions and influencing 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 thrive in the ever-changing global economy.