The US dollar closed at Rs276.65 in the interbank market on Tuesday, according to the day-end mark-to-market revaluation rate of the State Bank of Pakistan (SBP). The rate was based on data published up to that point in the day.
The rupee gained 0.87 paisa from the previous day’s close of Rs276.66. The movement was small, and the local currency remained largely unchanged against the greenback.
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Rates for other major and regional currencies
The British pound was quoted lower against the rupee at around Rs372.15. The Saudi riyal stood near Rs73.70 and the UAE dirham near Rs75.33. The daily sheet also listed several other Middle Eastern currencies, including the Kuwaiti dinar, Bahraini dinar, Omani rial and Qatari riyal, which moved in line with their dollar pegs.
Also read: Pakistani rupee holds steady near 277.5 against US dollar
Among major Western currencies, the Canadian dollar was near Rs196, the Australian dollar near Rs191.50 and the euro settled at around Rs310.96. On cross rates, the Indian rupee was worth about Rs2.96 when the US dollar was used as the reference.
The SBP issues these figures to authorised dealers so they can revalue their foreign exchange books on a mark-to-market basis. The central bank describes the interbank market as orderly. The dollar rate is a weighted average of closing interbank quotations through brokerages, while other currencies are calculated using USD/PKR as a reference rate and interbank cross rates.
Why daily rates affect households and businesses
Exchange rates are checked every day because they directly affect families and businesses across the country. Workers’ remittances from the Gulf, especially from Saudi Arabia and the UAE, along with flows from other major importing countries such as India, are among the largest sources of foreign exchange and household income.
Small changes in the riyal or dirham have an immediate effect on the rupee value of money sent home. Imports of oil, industrial raw materials and other critical goods are also sensitive to the dollar and euro. Higher rates mean more expensive letters of credit and higher domestic prices.
Family budgets that fund overseas studies or medical treatment, export prices for overseas markets and business-to-business trade with India all depend on these rates. The report noted that such decisions rely on rates that move throughout the day.
Oil prices and the rupee’s recent stability
Iran-related hostilities pushed oil prices higher earlier this year, which narrowed the inflation outlook for oil-importing countries. The rupee has shown a small cumulative appreciation against the dollar over much of 2026, relative to other currencies.
Oil prices have declined recently as fears of supply disruption eased, which reduces pressure on Pakistan’s import bill. The rates seen on Tuesday suggest the foreign exchange market is absorbing external shocks with little price pressure. The rupee remained stable against major currencies and regional counterparts, trading within a narrow band during the day.
