State Bank’s foreign exchange rates – September 28, 2022

State Bank’s foreign exchange rates – September 28, 2022

The State Bank of Pakistan (SBP) issued the foreign exchange rates for September 28, 2022, shedding light on the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).

Based on the weighted average rates of commercial banks, these rates play a pivotal role in guiding businesses, investors, and individuals engaged in international trade and financial transactions.

The SBP emphasized that the data is compiled and disseminated exclusively for informational purposes. These exchange rates are estimates quoted by various commercial banks to their clients, providing a foundation for commercial transactions. Commercial banks reciprocate by furnishing indicative exchange rates to facilitate seamless financial dealings with their customers.

As of September 28, 2022, the buying and selling rates for select foreign currencies against the Pakistani Rupee are as follows:

1. UAE Dirham (AED)

• Buying: 63.1050 PKR

• Selling: 63.2133 PKR

2. Australian Dollar (AUD)

• Buying: 147.7910 PKR

• Selling: 148.0470 PKR

3. Canadian Dollar (CAD)

• Buying: 168.0718 PKR

• Selling: 168.3572 PKR

4. Swiss Franc (CHF)

• Buying: 232.9241 PKR

• Selling: 233.3328 PKR

5. Chinese Yuan (CNY)

• Buying: 32.0591 PKR

• Selling: 32.1109 PKR

6. Euro (EUR)

• Buying: 221.2910 PKR

• Selling: 221.6839 PKR

7. UK Pound (GBP)

• Buying: 246.9671 PKR

• Selling: 247.4238 PKR

8. Japanese Yen (JPY)

• Buying: 1.6005 PKR

• Selling: 1.6033 PKR

9. Saudi Riyal (SAR)

• Buying: 61.5469 PKR

• Selling: 61.6587 PKR

10. US Dollar (USD)

• Buying: 231.6256 PKR

• Selling: 232.0417 PKR

These exchange rates are instrumental for businesses involved in international trade, influencing the cost of imported goods and the revenue generated from exports. Individuals engaged in foreign investments and travel also rely on these rates to make informed financial decisions.

The SBP encourages 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 advised 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.