KARACHI – The Pakistani rupee (PKR) remained stable against major global currencies on Wednesday, with the US dollar closing at Rs 278.26 in the interbank market, according to the State Bank of Pakistan (SBP). The steady exchange rate reflects continued efforts by the central bank to stabilize the foreign exchange market amid improving economic indicators.
The Saudi Riyal, widely used by millions of Pakistani expatriates in the Gulf region, traded at Rs 74.14. This rate is critical for remittances, which play a vital role in Pakistan’s economy. The UAE Dirham was quoted at Rs 75.76, supporting trade and financial flows between the two countries. The British Pound Sterling strengthened to Rs 369.29, a key rate for the Pakistani diaspora in the United Kingdom who send money home.
Other Gulf currencies also recorded their rates: the Kuwaiti Dinar stood at Rs 905.50, the Bahraini Dinar at Rs 738.08, the Qatari Riyal at Rs 76.34, and the Omani Rial at Rs 722.79. Commonwealth currencies saw the Canadian Dollar at Rs 197.19 and the Australian Dollar at Rs 195.42. These rates are essential for expatriate communities in Canada and Australia, as remittances from these regions contribute significantly to household incomes in Pakistan.
According to the SBP, Pakistan’s foreign exchange reserves are expected to cross $18 billion by June 2026, helping stabilize the currency market. The weighted average interbank rate for the US dollar was 278.2732 as of June 17, 2026. Financial analysts attribute the current stability to prudent monetary management and improved market conditions.
The consistent performance of Gulf currencies is encouraging, as remittances from Saudi Arabia, UAE, and other Gulf states are a cornerstone of Pakistan’s economy. The SBP’s approach has helped mitigate sharp fluctuations, benefiting businesses and importers. For overseas workers, stable exchange rates ensure predictable remittance values, enabling effective family support.
Source: ARY News