The rupee-dollar rate is the price of a US dollar in Pakistani rupees, often written as USD/PKR. When that number goes up, the rupee has lost value. When it goes down, the rupee has gained. This guide covers the factors that drive PKR movement and how they connect.
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| Indicator | Rate | Date |
|---|---|---|
| SBP weighted average customer rate, USD bid | 276.31 PKR | 11/11/2026 |
| SBP weighted average customer rate, USD offer | 276.76 PKR | 11/11/2026 |
| Currency | Official rate (PKR) |
|---|---|
| USD | 276.62 |
| EUR | 308.28 |
| GBP | 368.52 |
| SAR | 73.7058 |
| AED | 75.3111 |
| CNY | 41.4715 |
| JPY | 1.7407 |
| CAD | 194.55 |
| AUD | 190.07 |
| KWD | 897.39 |
| QAR | 75.8907 |
| OMR | 718.47 |
| BHD | 733.45 |
| MYR | 67.8659 |
| CHF | 333.98 |
| ARS | 0.179 |
| BDT | 2.213 |
| BRL | 49.544 |
| CNH | 41.4778 |
| DKK | 41.24 |
| HKD | 35.2579 |
| 100 IDR | 1.52 |
| INR | 2.9512 |
| KRW | 0.2071 |
| KZT | 0.6207 |
| LKR | 0.8326 |
| MXN | 14.8748 |
| NOK | 29.0328 |
| NZD | 154.8 |
| RUB | 3.3412 |
| SEK | 27.9452 |
| SGD | 215.71 |
| THB | 8.223 |
| TRY | 5.5068 |
| ZAR | 16.7217 |
Source: State Bank of Pakistan, exchange rates for mark-to-market revaluation (ready), 11/11/2026.
Official reference rates for comparison and calculations. Banks, exchange offices and brokers apply their own buying and selling rates and fees. The table refreshes automatically when the source publishes new rates.
How the rupee rate is formed
The rupee trades in two main places:
- Interbank market. Banks trade dollars with each other here, and this sets the main reference rate.
- Open market. Exchange companies sell cash dollars to the public. This rate can differ from the interbank rate, sometimes by a wide margin when dollars are scarce.
The State Bank of Pakistan (SBP), the central bank, publishes daily reference rates. For details see Interbank vs open market and SBP exchange rates. The card above shows the SBP mark-to-market rate in rupees, with its date and source. Banks and exchange offices quote their own buy and sell rates. Our Exchange rates page has more on this.
The rate moves with supply and demand for dollars. Anything that brings dollars into Pakistan supports the rupee. Anything that takes dollars out puts pressure on it. Most of the factors below come back to this rule.
Foreign exchange reserves
Reserves are the foreign currency held by the SBP and by commercial banks. The SBP uses its reserves to pay for imports, repay foreign debt and calm sharp market swings.
- Falling reserves make markets worry that Pakistan may struggle to pay its bills. Importers and investors then rush to buy dollars early, and the rupee weakens.
- Rising reserves, often after loan disbursements or strong inflows, usually ease that pressure.
The SBP publishes reserve figures weekly. Traders watch these releases closely.
Current account balance
The current account records Pakistan's trade in goods and services, plus income and transfers such as remittances.
- A deficit means more dollars leave than arrive. It has to be financed by loans or investment, or by drawing down reserves.
- A surplus, or a smaller deficit, reduces demand for dollars.
A persistent current account deficit is one of the main reasons the rupee falls over long periods. The SBP releases monthly current account data. Trade data also comes from the Pakistan Bureau of Statistics (PBS).
Oil and energy imports
Pakistan imports much of its crude oil, petroleum products and LNG. Energy is one of the largest items on the import bill.
- When global oil prices rise, Pakistan needs more dollars for the same amount of fuel. The import bill grows, the current account worsens, and the rupee comes under pressure.
- When oil prices fall, the pressure eases.
For this reason, people who follow the rupee also watch crude oil markets. See Energies for how oil prices are quoted.
Remittances
Remittances are money sent home by Pakistanis working abroad, mainly from the Gulf, the UK and the US. They are one of the country's largest sources of dollars.
- Strong remittance months, often around Eid and Ramadan, add dollar supply and support the rupee.
- A wide gap between interbank and open market rates can push some senders towards informal channels such as hundi. Fewer dollars then reach the official market.
More on official channels: Remittances to Pakistan and Roshan Digital Account.
IMF programmes and external financing
Pakistan has relied on International Monetary Fund programmes many times. An IMF programme matters for the rupee in several ways:
- Disbursements add directly to reserves.
- An active programme often unlocks other lending from multilateral lenders and partner countries.
- IMF conditions usually include a market-based exchange rate. This can mean a sharp adjustment when a programme starts or resumes.
- Delays in reviews or stalled talks can weaken confidence and the rupee.
Background is on IMF and Pakistan.
Interest rates and inflation
The SBP policy rate is the benchmark interest rate in Pakistan. Higher rates can make rupee assets more attractive and slow import demand, which can support the currency. Lower rates can do the opposite.
The latest decision we recorded: SBP policy rate raised by 50 bps to 12% with effect from 27.10.2026 (MPC). Check the SBP website for any newer decision. Our SBP policy rate page covers the background.
Inflation matters too. If prices in Pakistan rise faster than in the US, the rupee tends to lose value over time, because each rupee buys less. PBS publishes CPI and SPI data. See Inflation (CPI and SPI).
Political risk and confidence
Political uncertainty affects the rupee through expectations:
- Unclear policy direction, tensions with lenders or unrest can make businesses delay bringing dollars in and speed up buying dollars.
- Foreign investors may hold back portfolio and direct investment.
- Rumours and headlines can move the open market rate faster than the interbank rate.
Political risk is hard to measure. It often shows up first in the gap between interbank and open market rates.
Factors at a glance
| Factor | What tends to weaken PKR | What tends to support PKR | Official source to check |
|---|---|---|---|
| Reserves | Falling reserves | Rising reserves | SBP weekly data |
| Current account | Wider deficit | Smaller deficit or surplus | SBP monthly data |
| Oil prices | Higher global prices | Lower global prices | PBS trade data, SBP |
| Remittances | Weaker inflows, informal channels | Strong official inflows | SBP monthly data |
| IMF | Stalled reviews | Disbursements, approved reviews | SBP, Ministry of Finance |
| Interest rates | Cuts with high inflation | Higher real rates | SBP monetary policy statements |
| Politics | Uncertainty | Stable policy | News, market spreads |
These factors act together, and they can offset each other. For example, strong remittances can be cancelled out by a jump in oil prices. No single number tells you where the rate will go, and this guide is not a forecast. For dates of upcoming releases, use the Economic calendar (PKT). For how analysts combine data like this, see Fundamental analysis.
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A note on trading PKR-related moves
Some readers follow these factors because they trade currencies. Leveraged forex and CFD trading can lose money fast, including more than you planned to risk.
Pakistani rules also apply. Per the SBP, remitting foreign exchange to overseas forex/margin/CFD platforms is not allowed through any payment channel (FERA s.5(1)). Per the SECP, offshore platforms have no Pakistani licence or oversight and offer no legal protection or recourse. Read Law and regulators and Risk management before making any decision.
Frequent questions
Why does the rupee fall?
Usually because demand for dollars exceeds supply. The common causes are a large current account deficit, falling reserves, higher oil import bills, delays in external financing, and political uncertainty.
What are the main factors affecting the rupee?
Reserves, the current account, oil prices, remittances, IMF programmes, interest rates, inflation and political risk.
Where can I check the official rupee-dollar rate?
The official PKR rate is published by the State Bank of Pakistan (SBP), which publishes daily reference rates. See SBP exchange rates for an explanation. The card on this page shows the SBP mark-to-market rate with its date and source. Banks and exchange offices quote their own buy and sell rates. See Exchange rates for more.
Why is the open market rate different from the interbank rate?
The open market deals in cash with the public and reacts faster to shortages and sentiment. More on Interbank vs open market.
Does a higher SBP policy rate always strengthen the rupee?
No. It can support the rupee, but inflation, external financing and confidence can outweigh it.
Can anyone predict PKR movement?
No one can reliably predict it. The data shows the pressures on the currency, but not a guaranteed direction.