Saudi Riyal Rate in Pakistan Today

Which rate applies

Which rate do you actually get?

Interbank vs open market

Interbank and open market rates, explained

Interbank rate. Banks buy and sell foreign currency with each other all day for trade payments, loans and remittances. The State Bank of Pakistan publishes the closing rates every working day in its mark-to-market revaluation sheet. This is the official rate that news reports quote and that banks use as their base.

Open market rate. Licensed exchange companies buy and sell cash notes over the counter. Each company sets its own buying and selling rates; the Exchange Companies Association of Pakistan (ECAP) publishes an end-of-day closing rate for the main currencies, which the State Bank posts on its website. During the day, dealers update their rates as demand changes.

Why the open market costs more. Cash has to be imported, stored, insured and counted, and exchange companies earn their margin on the gap between buying and selling. When dollars are scarce, the gap to interbank widens; when supply is good, it narrows. Pakistan's IMF programme has asked the authorities to keep this gap small, and a large gap is usually a sign of pressure on the rupee.

Bank customer rates. In between sit the rates banks quote their own customers. The State Bank publishes a weighted average of them each day, which this page shows as the bank customer rate.

Sending money home

Sending money to Pakistan at a fair rate

• Use banks, licensed exchange companies or approved apps. Money sent through legal channels is counted in Pakistan's official remittances, and the State Bank's Pakistan Remittance Initiative works with banks to keep transfers fast and cheap. Hundi and hawala are illegal and you have no protection if something goes wrong.
• Compare the total cost, not just the fee. A transfer with no fee can still cost more if the exchange rate is poor. Work out how many rupees will arrive for the amount you send, and compare that number across providers.
• Check the rate against interbank. The interbank rate on this page is the benchmark. A provider whose rate sits far below it is taking a bigger margin.
• Overseas Pakistanis can also hold accounts at home. The State Bank's Roshan Digital Account lets Pakistanis abroad open a bank account in Pakistan online, hold foreign currency or rupees, and invest, including in shares on the Pakistan Stock Exchange.

What moves the rate

What moves the rupee

The rupee's value is set by how many dollars come into Pakistan against how many go out.

• Dollars going out: paying for imports (oil, machinery, food), repaying foreign loans, and companies sending profits abroad.
• Dollars coming in: exports, remittances from Pakistanis abroad, foreign investment, and loans from lenders such as the IMF.
• The State Bank's reserves: higher reserves give the market confidence; falling reserves put pressure on the rupee.
• Global prices: higher oil prices raise the import bill and the demand for dollars.

Investify does not forecast exchange rates. For the day's market news, see our rupee and dollar news, and for how the rupee affects shares, see the PSX market.

Buying or selling cash

Tips for buying or selling foreign currency cash

• Use a licensed exchange company or bank. The State Bank licenses exchange companies and lists them on its website. Avoid street dealers.
• Bring your CNIC or passport. Exchange companies must record who they deal with, and may verify your identity biometrically.
• Ask for the rate first, then the receipt. Confirm the buying or selling rate before you hand over money, count the notes at the counter, and keep the receipt.
• Rates vary by city, amount and time of day. The open market rates on this page are a benchmark from Karachi's market; your counter may differ a little.