All 
                      Authorised Dealers
                      in Foreign Exchange,
                    Dear 
                      Sirs,
                    EXCHANGE 
                      RATES
                    Effective 
                      29th December, 1992 the State Bank of Pakistan will undertake 
                      purchase and sale of U.S. Dollar from and to Authorised 
                      Dealers at the following rates :- 
                       
                       
                                    
                      BUYING PER U.S. DOLLAR                                  
                      SELLING PER U.S. DOLLAR 
                                     
                      SPOT & FORWARD       
                      FORWARD                          
                        FORWARD                    
                             FORWARD          
                       
                                         
                      UPTO                           
                           UPTO                                      
                      SPOT            
                      UPTO          
                      UPTO
                       
                                         
                      6 MONTHS                       
                      12 MONTHS                         
                                 
                                 
                      6 MONTHS    12 MONTHS                                    
                                
                       
                                       
                      25.7000                  
                      24.9290                    
                      25.8285    26.7923  27.7560 
                            
                      2.        The revised 
                      rates at which Authorised Dealers will buy from and sell 
                      U.S. Dollar  
                      to 
                      the 
                      public 
                      with effect from 29th December, 1992 
                      are as under :-   
                      
                                   
                                   
                                    
                      BUYING PER U.S. DOLLAR                                  
                      SELLING PER U.S. DOLLAR 
                                     
                      SPOT & FORWARD       
                      FORWARD                          
                        FORWARD                    
                             FORWARD          
                       
                                         
                      UPTO                           
                           UPTO                                      
                      SPOT            
                      UPTO          
                      UPTO
                       
                                         
                      6 MONTHS                       
                      12 MONTHS                         
                                 
                                 
                      6 MONTHS    12 MONTHS  
                            
                      T.T.      25.6743                
                      24.9033     T.T.&     
                      25.8542   26.8180    27.7817
                              Clean                
                                                         
                      O.D 
                      
                            
                      O.D.   25.5899                  
                      24.8189