The British pound (GBP) increased significantly against the Pakistani rupee (PKR). According to the State Bank of Pakistan (SBP), the GBP to PKR exchange rate is Rs. 356.16 in the interbank market as of September 26, 2023.
The GBP to PKR exchange rate, which determines how much British pounds may be obtained for each Pakistani rupee, is continually changing.
READ MORE: https://www.economy.pk/rupee-below-290-against-us-dollar/
This shift is being driven by the balance of foreign currency demand and supply in Pakistan’s domestic market.
SBP announces the closing interbank exchange rate for the forex every day, Monday to Friday.
This rate is used as a reference point in financial transactions involving these two currencies.
Surprisingly, the GBP to PKR rate in the open market is slightly higher than the interbank rate offered by banks and foreign exchange providers when customers purchase foreign currency.
This distinction adds to the interest of individuals wishing to trade currencies.
It is worth mentioning that all incoming remittances to customers’ bank accounts are credited using the SBP-set interbank rates. This ensures that all currency exchange transactions are fair and consistent.
Financial analysts and dealers are keeping a careful eye on the unexpected increase of the British Pound against the Pakistani Rupee.
While the exact reasons for this increase remain uncertain, it highlights the ever-fluctuating nature of the foreign exchange market.
