The State Bank of Pakistan (SBP) has released the official foreign exchange rates for December 18, 2024, offering vital reference points for cross-border transactions. These rates, derived from the weighted averages of commercial banks, are essential for businesses, individuals, and financial institutions engaged in international trade and currency exchange. They play a crucial role in guiding global commerce and financial decisions by reflecting the relative values of currencies.
The SBP’s foreign exchange rates influence a wide array of international financial activities, including the pricing of imports, the revenue from exports, and the conversion of currency for cross-border transactions. As benchmarks, they serve as a guide for various commercial transactions between businesses and international partners.
The rates announced by the SBP reflect the buying and selling prices for key foreign currencies in Pakistani Rupees (PKR). On December 18, 2024, the buying and selling rates for major currencies were as follows: the US Dollar (USD) had a buying rate of 277.9951 PKR and a selling rate of 278.4270 PKR. The Euro (EUR) was priced at 292.0323 PKR for buying and 292.4757 PKR for selling. The British Pound (GBP) had a buying rate of 353.0872 PKR and a selling rate of 353.6381 PKR. Similarly, the UAE Dirham (AED) was at 75.7313 PKR for buying and 75.8434 PKR for selling, while the Saudi Riyal (SAR) stood at 73.9890 PKR buying and 74.1017 PKR selling.
Additional currencies included the Chinese Yuan (CNY), with buying and selling rates of 38.1985 PKR and 38.2500 PKR, respectively, and the Japanese Yen (JPY) at 1.8114 PKR for buying and 1.8141 PKR for selling. The Australian Dollar (AUD) was priced at 175.5937 PKR for buying and 175.8772 PKR for selling, and the Canadian Dollar (CAD) was at 194.0631 PKR for buying and 194.3644 PKR for selling. Lastly, the Swiss Franc (CHF) had a buying rate of 311.5084 PKR and a selling rate of 312.0051 PKR.
These exchange rates provide a comprehensive overview of the current dynamics in the foreign exchange market, allowing businesses, individuals, and financial institutions to make informed decisions when engaging in cross-border transactions. The rates are updated regularly by the SBP, which ensures transparency in the financial markets.
The SBP’s publication of these rates plays a critical role in maintaining financial stability, supporting international trade, and promoting economic resilience. As these rates are subject to market fluctuations, businesses and individuals are urged to verify the latest rates with their respective banks to ensure the most accurate and up-to-date information.
By offering these essential benchmarks, the SBP supports decision-making across Pakistan’s financial ecosystem. The transparency and reliability of these rates help empower businesses and individuals alike, enabling them to navigate the complexities of foreign exchange and contribute to the broader stability of Pakistan’s economy.