The State Bank of Pakistan (SBP) released the foreign exchange rates for September 14, 2022, providing key insights into the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).
These rates, derived from the weighted average rates of commercial banks, are essential indicators for businesses, investors, and individuals involved in international trade and financial transactions.
The SBP clarified that the data is compiled and disseminated exclusively for informational purposes. These exchange rates are estimates quoted by various commercial banks to their clients, establishing a foundation for commercial transactions. In reciprocation, commercial banks furnish indicative exchange rates to facilitate seamless financial dealings with their customers.
As of September 14, 2022, the buying and selling rates for select foreign currencies against the Pakistani Rupee are as follows:
1. UAE Dirham (AED)
• Buying: 63.7579 PKR
• Selling: 63.8595 PKR
2. Australian Dollar (AUD)
• Buying: 157.2715 PKR
• Selling: 157.5274 PKR
3. Canadian Dollar (CAD)
• Buying: 177.5602 PKR
• Selling: 177.8481 PKR
4. Swiss Franc (CHF)
• Buying: 243.3188 PKR
• Selling: 243.7178 PKR
5. Chinese Yuan (CNY)
• Buying: 33.6241 PKR
• Selling: 33.6759 PKR
6. Euro (EUR)
• Buying: 233.4714 PKR
• Selling: 233.8675 PKR
7. UK Pound (GBP)
• Buying: 269.0064 PKR
• Selling: 269.4589 PKR
8. Japanese Yen (JPY)
• Buying: 1.6289 PKR
• Selling: 1.6316 PKR
9. Saudi Riyal (SAR)
• Buying: 62.2813 PKR
• Selling: 62.3816 PKR
10. US Dollar (USD)
• Buying: 234.0190 PKR
• Selling: 234.4136 PKR
These exchange rates are crucial for businesses engaged in international trade, influencing the cost of imported goods and the revenue generated from exports. Individuals involved in foreign investments and travel also rely on these rates to make informed financial decisions.
The SBP advises market participants to exercise caution and stay informed about the latest developments in the foreign exchange market. As the global economic landscape continues to evolve, the central bank remains dedicated to ensuring transparency and providing timely information to support the stability of the national currency and foster economic growth.
Market participants are urged to regularly monitor these rates, as they are subject to fluctuations based on international economic trends and geopolitical events. The SBP will continue to closely observe market conditions and make necessary adjustments to promote a resilient and robust foreign exchange market in Pakistan.