KARACHI – The State Bank of Pakistan (SBP) has disclosed the foreign exchange rates for October 21, 2022, providing crucial information on the value of the Pakistani Rupee (PKR) against major international currencies.
These rates, established on the basis of the weighted average rates of commercial banks, are pivotal for businesses, investors, and individuals involved in cross-border transactions.
As of October 21, 2022, the buying and selling rates for select foreign currencies in PKR are as follows:
• UAE Dirham (AED):
• Buying: 60.1590 PKR
• Selling: 60.2623 PKR
• Australian Dollar (AUD):
• Buying: 138.4163 PKR
• Selling: 138.6642 PKR
• Canadian Dollar (CAD):
• Buying: 160.2075 PKR
• Selling: 160.4986 PKR
• Swiss Franc (CHF):
• Buying: 219.5192 PKR
• Selling: 219.9221 PKR
• Chinese Yuan (CNY):
• Buying: 30.4817 PKR
• Selling: 30.5326 PKR
• Euro (EUR):
• Buying: 215.8239 PKR
• Selling: 216.2318 PKR
• UK Pound (GBP):
• Buying: 247.1894 PKR
• Selling: 247.6548 PKR
• Japanese Yen (JPY):
• Buying: 1.4682 PKR
• Selling: 1.4709 PKR
• Saudi Riyal (SAR):
• Buying: 58.7589 PKR
• Selling: 58.8691 PKR
• US Dollar (USD):
• Buying: 220.8078 PKR
• Selling: 221.2239 PKR
The exchange rates act as a barometer for the health of the economy and have a direct impact on trade, investments, and the overall financial market. The USD to PKR exchange rate, a key indicator for international transactions, stands at 220.8078 PKR for buying and 221.2239 PKR for selling on this particular date.
Fluctuations in exchange rates can significantly affect various sectors of the economy. A stronger PKR can make imports more affordable but might pose challenges for exporters. Conversely, a weaker PKR could boost exports but may increase the cost of imported goods.
The SBP’s regular updates on exchange rates contribute to the transparency of the foreign exchange market, enabling businesses and investors to make well-informed decisions. Central banks, including the SBP, often intervene in the foreign exchange market to stabilize their national currencies and ensure economic stability.
Economic analysts will scrutinize these rates to discern trends, potential impacts on the domestic economy, and offer insights into the broader economic landscape. As the global economic environment evolves, the SBP’s timely and accurate information on foreign exchange rates remains vital for navigating the intricacies of international finance and trade.