The British pound (GBP) has shown remarkable strength against the Pakistani rupee (PKR). As of September 26, 2023, the GBP to PKR exchange rate stands at Rs. 356.16 in the interbank market, according to the State Bank of Pakistan (SBP).
The GBP to PKR rate, which determines how much British pounds you can get for each Pakistani rupee, is constantly changing.
This change is driven by the balance between the demand and supply of foreign currency in Pakistan's local market.
Each day, from Monday to Friday, SBP provides the closing interbank exchange rate for the forex.
This rate serves as a benchmark for financial transactions involving these two currencies.
Interestingly, in the open market, the GBP to PKR rate is slightly higher than the interbank rate offered by banks and foreign exchange companies when customers buy foreign currency.
This difference adds an element of intrigue for those looking to exchange currency.
It's worth noting that all incoming remittances to customers' bank accounts are credited based on the interbank rates set by SBP. This ensures a fair and consistent approach to currency exchange for all.
This unexpected rise of the British Pound against the Pakistani Rupee has financial experts and traders closely monitoring the situation.
While the exact reasons for this surge remain uncertain, it highlights the ever-fluctuating nature of the foreign exchange market.
