KARACHI: The State Bank of Pakistan announced forex rates for the authorised dealers. The central bank circular stated the dollar was fixed at Rs 276.7522 in the ready market on the basis of weighted average of the closing interbank rates.
Euro closed at Rs 309.7965 while Australian Dollar finished the week at Rs 194.5015.
In today’s SBP Revaluation, Saudi Riyal closed the week at Rs 73.74
The UAE dirham reached Rs 75.3467 against the rupee whereas the Kuwaiti dinar and BHD were transacted at Rs 897.8175 and Rs 732.9246. The Turkish lira was traded at Rs 5.5455.
These rates are compiled for authorized dealers to revalue their foreign exchange books on a daily mark-to-market basis. The SBP noted that the USD/PKR rate is calculated as a weighted average of closing interbank rates collected through brokerage houses, while rates for other currencies are derived from the USD/PKR interbank rate and cross rates against the US dollar quoted on LSEG Workspace.
The causes above are six key currencies Americans tend to follow. They watch them more because they are the currencies that directly influence their household and lives.
USD, EUR and GBP are the movers and shakers of inflation, business and education. The US dollar sets the price of imports from LPG and machine tools to smartphones and is used as the benchmark for interbank trading. For exporters, importers and students the euro and British pound are vital. With thousands of Pakistani students and families settled in the UK, Europe and US tuition fees, visa costs and family support are based on them.
SAR, AED and AUD are all linked to jobs and remittances.
More than 6 million Pakistanis have employment in Saudi Arabia and the UAE, and the remittance sent back home each month is Pakistan’s biggest source of foreign currency – in Karachi and throughout Pakistan families monitor the exchange rates of SAR and AED daily to see how much money they can expect to receive.
The Australian dollar has been just as important in recent years as a large Pakistani community of students and skilled migrants exists in Australia, where exchange rate movement affects the living expenses and remittance paid back home.
