Today Interbank Rates in Pakistan on 23 July, 2024 – PKR Interbank Exchange Rates

Latest 23 July, July Interbank Exchange Rates: Check the current exchange rates for Pakistani Rupee (PKR) against major currencies like US Dollar ($), British Pound (£), Saudi Riyal (SAR), UAE Dirhams (AED), Canadian Dollars (CAD), Australian Dollar, Chinese Yuan (CNY), and Euro (€ EUR).

Discover Clean TT buying and Selling TT rates, as well as OD (overdraft) buying and exchange rates for OD/T.CHQ transactions. Find State Bank rates, NBP rates, HBL rates, UBL rates, MCB rates, and SCB rates conveniently online. Stay updated with foreign exchange rates.

Today Interbank Rates in Pakistan on 23 July, 2024 – PKR Interbank Exchange Rates

CurrencySymbolBuying TT CleanSelling TT & OD
U.S. Dollar U.S. DollarUSD280.90281.40
Euro EuroEUR306.74307.34
British Pound British PoundGBP356.02356.67
UAE Dirham UAE DirhamAED76.4776.62
Saudi Riyal Saudi RiyalSAR74.8875.03
Canadian Dollar Canadian DollarCAD210.14210.64
Australian Dollar Australian DollarAUD188.05188.55
Japanese Yen Japanese YenJPY1.911.94
Thai Bhat Thai BhatTHB8.088.12
Chinese Yuan Chinese YuanCNY39.1939.29
Hong Kong Dollar Hong Kong DollarHKD35.9336.03
Danish Krone Danish KroneDKK41.1141.21
Singapore Dollar Singapore DollarSGD210.88211.38
Swedish Krona Swedish KronaSEK27.3627.46
Swiss Franc Swiss FrancCHF329.92330.42

Last Updated: 6-January-2024 at 7:18 PM

Live Currency Rates in Pakistan: Understanding Currency Exchange

Currency exchange operates in two ways. If you want to buy or sell currency, you have options. You can go to the open market, where you’ll find various money exchangers. Alternatively, you can visit a national bank. Banks sometimes offer great deals on currency exchange, but there might be slightly higher charges.

Exploring Interbank System

Banks have their own foreign exchange market called the interbank foreign exchange market. Banks across the globe stay connected with each other through direct communication or electronic platforms like electronic broking services or Reuters.

Daily money transactions occur. The values of different currencies worldwide fluctuate in relation to one another. Banks usually trade money at wholesale rates in the interbank system, focusing mostly on high-value currencies.

Interbank purchases occur at nominal prices, prompting banks to stockpile foreign currency and sell it to investors and individuals at higher rates, thereby increasing profits.

While some countries regulate interbank trade, many countries have a decentralized interbank market without strict rules.

Understanding Interbank Rate Differences

Banks aim to provide excellent services to clients and manage the load of withdrawals and payments. As a result, banks charge interest on money exchanged through them.

This leads to interbank exchange rates differing from open market foreign exchange rates. Travelers often avoid banks for money exchange due to relatively higher costs.

Wealthy investors buy foreign currency from banks and store it in their bank accounts. This way, when they withdraw it, they receive double or even triple the amount due to added interest.

Understanding Interbank Rates in Pakistan

Banks often offer various deals for those who exchange money frequently. Interbank currency exchange rates tend to change based on the values set by big international banks for currency trading. In Pakistan, Interbank rates for currency exchange don’t change drastically but are slightly higher than open market rates.

This difference is due to the added interest on exchanged money. Banks need to account for managing customer assets and require interest to make money. However, this might not be suitable for those looking to exchange smaller amounts.

If you’re considering saving or making money, it’s a good idea to visit a national bank of Pakistan for currency exchange. Among the currencies, Kuwaiti Dinar has the highest interbank rate, followed by Riyal, Euro, Franc, and Dollar.

Interbank rates are supervised by national banks like the State Bank of Pakistan and the National Bank of Pakistan. You can also check these rates online.

Our convenient online converter can help you convert different currencies easily.

Understanding How Interbank Rates are Set

The national bank of a country usually determines the interbank rates, which are updated every day. The rate revision depends on several factors:

  1. Changes in Foreign Currency Value: When a foreign currency’s value goes up or down, it affects the interbank rate.
  2. Bank’s Interest Rate Estimate: The bank’s own estimation of interest rates also impacts the interbank rate.
  3. International Bank Rate Analysis: Looking at the rates of international banks plays a role in determining the interbank rate.

Factors Influencing Interbank Rates

Interbank currency exchange rates are mainly based on interest rates, so several factors affect these rates:

  1. Currency Exchange Rate Changes: Higher currency exchange rates lead to higher interbank rates.
  2. Unemployment Rate: A country’s unemployment rate affects the interest added to the currency.
  3. Inflation: Inflation reduces a currency’s value, leading to lower interbank rates.
  4. Economic Growth: A country’s economic growth affects its interbank rates for currency exchange.

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