The Exchange Rates Committee of the Financial Markets Association of Pakistan issued its latest exchange rates bulletin on Thursday, providing key conversion rates for foreign currencies as of August 29, 2024. These rates are crucial for forward cover and deposit transactions, excluding FE-25 deposits.
The State Bank of Pakistan (SBP) has set the settlement value date for these rates as September 3, 2024. The following are the official exchange rates provided by the committee:
- US Dollar (USD): 278.3500 PKR
- British Pound (GBP): 368.3127 PKR
- Euro (EUR): 310.5829 PKR
- Japanese Yen (JPY): 1.9254 PKR
These rates reflect the ongoing fluctuations in the global currency market and are essential for businesses and individuals engaged in foreign exchange transactions. The rates serve as a benchmark for forward cover arrangements and play a significant role in financial planning for entities dealing with foreign currencies.
The bulletin is a regular release by the Financial Markets Association of Pakistan, providing updated exchange rates to ensure transparency and accuracy in financial transactions. The association continues to monitor the global currency trends to provide the most accurate and timely information to the financial sector.
For more detailed information, businesses and financial institutions are encouraged to consult with their banks or financial advisors to understand the implications of these rates on their operations and investments.
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