On October 30, 2023, the State Bank of Pakistan (SBP) unveiled the interbank closing exchange rates for major currencies against the Pakistani Rupee (PKR). These disclosed rates encompass a range of currencies, such as the US Dollar, Saudi Riyal, UK Pound Sterling, UAE Dirham, European Euro, and other foreign currencies, offering daily market insights.
The forex markets in Pakistan are operational from 9 am to 5 pm, experiencing fluctuations in rates throughout this period. The day’s definitive exchange rate for each currency is officially declared at 5 pm.
It’s noteworthy that the closing rate of October 30th will serve a dual purpose as it becomes the opening rate for each currency on the following day. These rates predominantly pertain to interbank transactions, although it’s essential to acknowledge that minor deviations could be observed in the case of retail transactions.
