Open Market vs Interbank Rates in Pakistan
Confused why the bank dollar rate differs from the open market dollar rate? This guide explains both side-by-side with live PKR figures for Pakistan.
Quick comparison
- Open market — money changers, retail cash, Hajj/Umrah travel money, street-level USD demand.
- Interbank — bank TT references, imports/exports, institutional FX, SBP-monitored wholesale market.
- Gold link — PKR gold rates move with USD/PKR; see gold rate today.
Featured Open Market Rates
| Currency | Buying | Selling |
|---|---|---|
| Australian DollarAUD | 193.35 | 198.84 |
| Canadian DollarCAD | 196.11 | 201.68 |
| China YuanCNY | 40.49 | 41.64 |
| EuroEUR | 320.19 | 324.28 |
| Japanese YenJPY | 1.7134 | 1.7620 |
| Saudi RiyalSAR | 74.09 | 74.56 |
| U.A.E DirhamAED | 75.71 | 76.18 |
| UK Pound SterlingGBP | 370.83 | 375.57 |
| US DollarUSD | 277.84 | 279.59 |
Buying = PKR you receive when selling foreign currency. Selling = PKR you pay when buying foreign currency. Rates vary by city and dealer.
Featured Inter Bank Rates
| Currency | Bank Buying TT Clean | Bank Selling TT & OD |
|---|---|---|
| Australian DollarAUD | 195.90 | 196.44 |
| Canadian DollarCAD | 198.69 | 199.25 |
| China YuanCNY | 41.03 | 41.14 |
| EuroEUR | 321.96 | 322.86 |
| Japanese YenJPY | 1.7360 | 1.7408 |
| Saudi RiyalSAR | 74.18 | 74.39 |
| U.A.E DirhamAED | 75.80 | 76.01 |
| UK Pound SterlingGBP | 372.88 | 373.93 |
| US DollarUSD | 278.17 | 278.95 |
Interbank rates are indicative wholesale bank-to-bank references. Retail customers typically use open market exchangers for cash. Confirm exact TT/OD rates with your bank.
When to use each rate
If you are walking into an exchange shop with cash, use the open market board. If your employer or bank quotes a wire transfer rate, compare against interbank figures and ask about bank fees. For gold purchases, check today's dollar rate alongside today's gold rate.
Frequently Asked Questions
Which dollar rate is correct in Pakistan — open market or interbank?
Both are correct for different uses. Open market rates apply to retail cash at money changers. Interbank rates are bank wholesale references for wires and trade. Individuals buying cash USD usually pay the open market selling rate.
Why is open market USD higher than interbank?
Exchange companies serve retail customers, hold physical inventory, and charge a spread for profit and risk. Banks trade electronically in large volumes with tighter spreads — but retail clients rarely access raw interbank pricing for cash.
Do remittances use open market or interbank rates?
Bank-to-bank remittance credits often settle near interbank benchmarks, but if you collect cash from an exchanger you receive the open market buying rate. Always ask which rate applies before transacting.
How does the dollar rate affect gold prices in Pakistan?
Local gold is priced from international bullion in USD converted to PKR. A higher USD/PKR rate pushes PKR gold prices up even when global gold is flat. Track both on our gold and forex pages.
Disclaimer: The gold and silver rates provided on this website are aggregated from various local bullion markets and Sarafa Associations across Pakistan. While we strive to maintain accurate and up-to-date information, these prices are indicative and subject to continuous market fluctuations. They do not include making charges, local taxes, or dealer commissions. We recommend verifying the final price with your local jeweller before making any transaction.
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