The State Bank of Pakistan (SBP) has announced forex rates for authorised dealers, fixing the dollar at Rs 276.7522 in the ready market. A central bank circular said the figure was based on the weighted average of closing interbank rates.
The circular also set the euro at Rs 309.7965 and the Australian dollar at Rs 194.5015, which closed the week at that level. In the SBP revaluation, the Saudi riyal closed the week at Rs 73.74.
How the SBP calculates daily exchange rates
The UAE dirham reached Rs 75.3467, while the Kuwaiti dinar and BHD were traded at Rs 897.8175 and Rs 732.9246. The Turkish lira was traded at Rs 5.5455.
The rates are compiled for authorised dealers to revalue their foreign exchange books on a daily mark-to-market basis. The SBP said the USD/PKR rate is a weighted average of closing interbank rates collected through brokerage houses.
Rates for other currencies are derived from the USD/PKR interbank rate and cross rates against the US dollar quoted on LSEG Workspace, the central bank noted.
Why these currencies matter to Pakistani households
The report said the dollar, euro and pound are key movers of inflation, business and education costs. It noted that the dollar influences the price of imports, from LPG and machine tools to smartphones.
Tuition fees, visa costs and family support for Pakistani students and families in the UK, Europe and the US are linked to these currencies. The riyal, dirham and Australian dollar are tied to jobs and remittances.
More than 6 million Pakistanis work in Saudi Arabia and the UAE, and remittances sent home each month are Pakistan’s biggest source of foreign currency. Families in Karachi and across the country track riyal and dirham rates daily to estimate how much money they will receive.
The report also said the Australian dollar has grown in importance because a large Pakistani community of students and skilled migrants lives there, and exchange rate movements affect their living costs and remittances.
