SBP exchange rates: how to find and read them

What "SBP exchange rates" means

The State Bank of Pakistan (SBP) is Pakistan's central bank. It does not set a single fixed "dollar rate" for everyone. Under a market-based exchange rate system, banks trade currencies with each other and with customers, and the SBP publishes reference rates that summarise that activity.

When people search for the "SBP dollar rate" or the "state bank exchange rate", they usually mean one of these published figures:

• Mark-to-Market Revaluation Exchange Rate: a daily reference rate for USD/PKR and other currencies.
• Weighted Average Customer Exchange Rates: average buying (bid) and selling (offer) rates that banks applied to customer deals.

The SBP homepage shows these under a "USD/PKR Rates" panel, and the full daily documents sit in the exchange rates section of the official SBP website.

Converter

This converter uses the European Central Bank (ECB) reference rate. It is not the SBP rate. It has no PKR, so use it only for a quick estimate between the currencies in the ECB list. For rupee amounts, use the rates card at the top of this page. It shows SBP rates and has its own converter that includes PKR. Your bank or exchange company will quote its own rate, which can differ from both.

The mark-to-market revaluation rate

Mark-to-market means valuing something at the current market price instead of the price paid for it. Banks hold foreign currency assets and liabilities. At the end of each business day, they need a common rate to value those positions in rupees. The SBP's mark-to-market revaluation rate serves that purpose.

What it tells you:

• It is a single rate per currency, with no bid and offer.
• It reflects the interbank market at the close of the day. For the US dollar, the SBP compiles it as a weighted average of closing interbank rates collected through brokerage houses.
• It is widely used as an official reference for accounting, contracts and reporting.

What it does not tell you:

• It is not the rate at which you can buy or sell cash dollars at a counter.
• It is not a live price. It is published after the day's trading.

Weighted average customer exchange rates

This document shows the average rates banks charged or paid customers during the day, weighted by deal size. Weighted means larger transactions count more than smaller ones in the average.

How to read it:

The offer is normally higher than the bid. If you are converting dollars from a remittance into rupees, the bid side is closer to what you receive. If you are buying dollars for an import or fee payment, the offer side is closer to what you pay.

Interbank, open market and SBP rates

Pakistan has more than one dollar rate at any moment:

• Interbank rate: the rate at which banks trade with each other. The SBP figures are built from this market.
• Open market rate: the rate at exchange companies for cash. It can sit above or below the interbank rate.
• Bank counter rate: the rate your bank quotes you, with its own margin added.

The gap between these rates can widen when demand for cash dollars rises. For a detailed comparison, see Interbank vs open market. For a currency-by-currency view, use the Exchange rates hub or the US dollar (USD) page.

How to check the official rate

1. Open the official State Bank of Pakistan website in your browser.
2. Find the "USD/ PKR Rates" panel on the homepage or the exchange rates section.
3. Open the daily PDF for the mark-to-market revaluation rate or the weighted average customer rates.
4. Check the date printed on the document. The rate applies to that business day only.
5. Note the source as "State Bank of Pakistan" if you quote the figure.

Some points to keep in mind:

• No new rate is published on weekends or bank holidays. The last published document stays the reference. See Bank holidays.
• The SBP website can block automated tools, so read it directly in a browser.
• For historical series, the SBP runs a data portal called EasyData. It requires a user account and an API key. Check the current terms on the SBP site before relying on it.

What moves these rates

The SBP rates follow the market, so they change with the forces that move the rupee: import demand, export receipts, remittances, foreign reserves, IMF programme reviews and interest rates.

Monetary policy is part of this picture. The latest decision recorded on this site: SBP policy rate raised by 50 bps to 12% with effect from 27.10.2026 (MPC). Read more on SBP policy rate, What moves the rupee and Remittances. For the wider economic context, see SBP rates and economy.

Using SBP rates for trading and money decisions

The SBP rate is a reference. It is not a trading price. Forex brokers quote their own prices, and those prices move continuously during the day. Do not expect a broker's quote to match the SBP figure.

Some notes for traders in Pakistan:

• Per the SBP, remitting foreign exchange to overseas forex/margin/CFD platforms is not allowed through any payment channel (FERA s.5(1)). See Law and regulators before sending money abroad for trading.
• Leveraged forex and CFD trading can lose money quickly, including more than you planned. Exchange rate swings add to that risk when your account currency differs from PKR.
• Use the Currency converter for quick estimates and the Trading calculators for position sizing. Neither replaces the official rate.

Frequent questions

What is the SBP dollar rate today?

The rates card at the top of this page shows the SBP mark-to-market revaluation ("ready") rate in rupees for the US dollar and other currencies. It also shows the SBP weighted average customer bid and offer for the US dollar. Always check the SBP date shown on the card. On weekends and public holidays, the last working day's rate and date stay. The card links to the SBP page and refreshes by itself when the SBP publishes. Bank counters, exchange companies and remittance apps quote their own rates and fees.

Is the SBP rate the same as the interbank rate?

They are closely linked. The SBP figures are built from interbank and bank customer activity. However, the interbank market moves during the day, and the SBP publishes its figures after the close.

Why is my bank's rate different from the SBP rate?

Banks add a margin and set their own buying and selling prices. The weighted average customer rates show what banks charged on average, not what any single bank charges you.

Which rate should I use in a contract or invoice?

Many documents name the SBP mark-to-market revaluation rate on a specific date. Check what your contract, bank or tax rules require.

Does the converter on this page use SBP rates?

The converter in the rates card at the top uses SBP rates and includes PKR. The separate converter further down does not: it uses ECB euro reference rates, has no PKR and is only for estimates between ECB currencies.

Why can't I find a rate for today's date?

The SBP does not publish on weekends or bank holidays. The most recent business day's document remains the latest reference.