Today Interbank Rates in Pakistan on 23 Jan 2021 - PKR Interbank Exchange Rates
|Currency||Symbol||Buying TT Clean||Selling TT & OD|
|Hong Kong Dollar||HKD||20.69||20.74|
Live Interbank Currency Rates in Pakistan
Options for Currency Exchange
Currency exchange works two ways. If you are a buyer or seller of currency then you can either go to open market for currency exchange where you would find many money exchangers. You can also go to any national bank. Sometimes they give you amazing deals on money exchange but most of the time but they would charge you tad bit more.
The banks have a foreign exchange market of their own known as interbank foreign exchange market. The banks worldwide are in constant communication with each other either directly or via electronic platform mainly electronic broking services or Reuters. Money transactions are made on daily basis. The prices of most valued currencies around the world keep on fluctuating in relation to other currencies. Through interbank, bankers usually trade money on a wholesale rate. Mostly they keep their eyes on high rated currencies. Purchase between banks is comparatively at nominal prices, so banks tend to keep foreign currency in bulk and sell it to investors and people at higher rates hence making more money. A number of countries have rules and regulations imposed on interbank trade but in most of the countries, the interbank market is usually decentralized and devoid of rules and regulations.
Interbank Rate Difference
Worldwide Bank’s motive is to deliver the best services to its clients and put up with the load of withdrawals and payments done on the part of clients. In doing so, it inflicts an interest on any money exchanged via banks. This is the reason that interbank exchange rates are different from open market foreign exchange rates. The travelers around the world don’t always opt for bank for money exchange because of comparatively high price issue. Wealthy investors buy foreign currency from banks and then save it in that banks’ account so that by the time they withdraw it, they would get double or even triple the amount i.e. the interest added to the amount.
Interbank Rates in Pakistan
Usually banks are the one that give you numerous deals on money exchange if you are a frequent money exchanger. On the whole interbank currency exchange rates keep on fluctuating depending what big international banks have set the value for trade of currency. In Pakistan, Interbank rates for money exchange are not that drastically but slightly more than open market currency exchange rates.
Again, the reason for that is added interest on the money being exchanged as the banking system has to put up with the liquefaction of customer assets hence requires money making from interests, definitely not suitable for people who want lesser money exchanged. If you see it from saving or money making aspect then definitely go to a national bank of Pakistan for money exchange. Till now, the most expensive currency according to interbank rate is Kuwaiti Dinar, followed by Riyal, Euro, Franc and Dollar. Interbank rates are overseen by national banks like State Bank of Pakistan, National Bank of Pakistan and can also be check online as well. You can check the current bank rates and Interbank rates in Pakistan on this page. Our handy online convertor can convert any currency online.
Fixing of Interbank Rates
Usually the national bank of any country fixes the interbank rates that are updated each day. The revision of rate depends on the following factors;
- Increasing Value/ Devaluing of foreign Currency
- Bank’s own estimation of interest rate
- Analysis and adoption of international bank rates
Factors Affecting Interbank Rates
Since interbank currency exchange rates are mainly the interest rates hence following are the factors that affect interest rate/ interbank rates in any country;
- Change in currency exchange rates of any country. More the currency exchange rates greater will be the interbank rate.
- Unemployment rate in any country affects the amount of interest added to currency.
- Inflation in any country tends to lower the currency’s value hence lowering interbank rates.
- Economic growth of any country reflects on its interbank rates for currency exchange.