The State Bank of Pakistan (SBP) has released the foreign exchange rates for October 14, 2022, providing an insight into the buying and selling rates of various foreign currencies against the Pakistan Rupee (PKR).
These rates are based on the weighted average rates reported by commercial banks, shedding light on the current dynamics of the foreign exchange market.
As of October 14, 2022, the following are the buying and selling rates of foreign currencies in PKR:
• UAE Dirham (AED): Buying – 59.4935 PKR, Selling – 59.6009 PKR
• Australian Dollar (AUD): Buying – 138.2917 PKR, Selling – 138.5435 PKR
• Canadian Dollar (CAD): Buying – 159.1289 PKR, Selling – 159.4209 PKR
• Swiss Franc (CHF): Buying – 218.8699 PKR, Selling – 219.2752 PKR
• Chinese Yuan (CNY): Buying – 30.4496 PKR, Selling – 30.5013 PKR
• Euro (EUR): Buying – 213.6406 PKR, Selling – 214.0374 PKR
• UK Pound (GBP): Buying – 247.0376 PKR, Selling – 247.5062 PKR
• Japanese Yen (JPY): Buying – 1.4810 PKR, Selling – 1.4837 PKR
• Saudi Riyal (SAR): Buying – 58.1241 PKR, Selling – 58.2323 PKR
• US Dollar (USD): Buying – 218.3643 PKR, Selling – 218.7804 PKR
The SBP clarified that the provided data is compiled and disseminated for informational purposes only. These exchange rates are estimates quoted by various commercial banks to their clients, and they play a crucial role in facilitating international trade and financial transactions.
It is essential to note that these rates are indicative and may vary slightly based on market conditions and the policies of individual banks. Commercial banks use these indicative rates for conducting commercial transactions with their customers, and they serve as a reference point for businesses and individuals involved in cross-border trade and financial activities.
The release of foreign exchange rates by the State Bank of Pakistan is a routine practice to keep the public and businesses informed about the prevailing currency exchange landscape. It allows stakeholders to make informed decisions regarding international trade, investment, and other financial activities.
As the global economy continues to evolve, the foreign exchange market remains a dynamic and influential component. The SBP’s commitment to transparency through the regular publication of exchange rates contributes to the stability and confidence in Pakistan’s financial markets. Business entities, investors, and the general public can use this information to navigate the complexities of the international financial system and make strategic decisions aligned with prevailing market conditions.