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On April 05, 2023, the buying rate of one Saudi Riyal (SAR) in Pakistani Rupees (PKR) in the open market was Rs 76.50, while the selling rate was Rs 77.25. These rates are updated at 08:00 AM Pakistan Standard Time (PST) and are subject to change based on market forces and foreign currency demand. The buying rate indicates the rate at which an exchange company or bank buys foreign currency from a customer, while the selling rate indicates the rate at which an exchange company or bank sells foreign currency to a customer. Today Pakistani Rupee to Saudi Riyal – PKR to SAR on April 04, 2023 ————————————————- Today Pakistani Rupee to Euro – PKR to EUR on April 05, 2023 On April 05, 2023, the buying rate of one Euro (EUR) in Pakistani Rupees (PKR) in the open market was Rs 311.50, while the selling rate was Rs 315.00. These rates are updated at 08:00 AM Pakistan Standard Time (PST) and are subject to change based on market forces and foreign currency demand. The buying rate indicat...

The World Bank has painted a bleak economic outlook for Pakistan for the fiscal year 2023, with several factors contributing to the expected slow growth of only 0.4 percent. These include tight fiscal policy, impacts from floods, high inflation, high energy prices, and import controls. As a result of the floods, agricultural output is expected to contract, which has not happened for over two decades, the World Bank noted in Pakistan Economic Update for April 2023 released on Tuesday. READ MORE: Pakistan exports plummet by 10% during July – March 2022-2023 It said the industrial sector is also expected to shrink due to supply chain disruptions, weakened confidence, higher borrowing costs, and fuel prices. The impact of lower activity is also expected to spill over to the wholesale and transportation services sectors, which account for more than half of services output. Unfortunately, due to the lack of fiscal space, there may not be enough resources available for public transfers t...

State Bank of Pakistan (SBP) on Tuesday issued floor and ceiling rates under the interest rate corridor after the announcement of monetary policy. The central bank has decided to increase ‘Policy Rate’ (Target Rate) from 20.00 percent to 21.00 percent. SBP Overnight Reverse Repo (Ceiling) rate will be at 22.00 percent i.e. 100 bps above the SBP Policy Rate. The SBP Overnight Repo (Floor) rate will be at 20.00 percent i.e. 100 bps below the SBP Policy Rate. Accordingly, the Floor and Ceiling levels for the Interest Rate Corridor are 20.00 percent and 22.00 percent p.a. respectively (i.e. width of 200bps). SBP will continue to ensure that the money market overnight rate remains close to the SBP Policy Rate (Target Rate). Above changes are effective from Apr 05, 2023. Other instructions on the subject shall, however, remain unchanged. READ MORE: SBP raises benchmark rate to 21% amid inflationary concerns The post State Bank issues floor, ceiling rates under interest rate corridor...