The interbank rate is the rate at which banks in Pakistan trade foreign currency with each other; the State Bank publishes a daily rate built from it. The open market rate is what exchange companies pay or charge for cash at the counter. The mid market rate on this site is a global indicative midpoint, used as the yardstick for transfer quotes.
Where are the interbank figures published?
On the State Bank's foreign exchange market data page. Two series matter most:
- the mark to market revaluation rate, issued for banks to revalue their books each day; the State Bank says the dollar rate is "compiled as weighted average of closing interbank exchange rate collected through Brokerage Houses";
- the weighted average customer exchange rates, which the State Bank describes as "an estimate of the Exchange Rates quoted by various Commercial Banks to their clients".
The State Bank says Pakistan has "a market based flexible exchange rate system", so these rates move every working day.
What is the open market rate?
The rate exchange companies use for cash over the counter. The State Bank publishes open market closing rates provided by the Exchange Companies Association of Pakistan, "for information only". Under the State Bank's framework for exchange companies, in force since 1 January 2025, each company is free to set its own buying and selling rates "while maintaining a fair, reasonable and competitive spread" between them, and must display that no charges are deducted for paying out inward remittances.
What is the mid market rate on this site?
The rate published once a day by ExchangeRate API, which describes its rates as "indicative midpoint rates" blended from central bank reference rates and the midpoint of buying and selling prices in the market. On 8 November 2026 it gave 276.58 rupees per US dollar. Its makers say less common currencies may not update as often as the feed does, and that the rates are not meant for real transactions.
Which of the three does your transfer use?
None of them directly. The rate in a transfer quote is set by the provider. It is usually below the mid market rate, and the gap is part of what you pay. That is why this site compares quotes with the mid market rate: it is the same yardstick for every provider and every currency, and it is published every day.
The open market rate matters when you change cash yourself, for example dollars carried home. The interbank and customer rates matter when a bank in Pakistan converts foreign currency already in an account.
How much does the rate make a difference?
More than most fees. At the mid market rate of 276.58 on 8 November 2026, USD 1,000 is worth PKR 276,578. A rate 1% below that delivers PKR 273,812, and a rate 3% below delivers PKR 268,280: a gap of PKR 8,297 on one transfer. The same arithmetic works for any currency: multiply the amount by the difference between the mid market rate and the rate you are offered. The quote checker does it for you.
Why are they different?
They measure different things. The interbank rate is wholesale trading between banks in Pakistan. The open market rate is cash at a counter, with the dealer's spread inside it. The mid market rate is a composite of global sources, taken once a day. They are also taken at different times, so on a day when the rupee moves, the gap between them can look larger than it is. This site did not find an official limit on the gap between the interbank and open market rates.
Sources
- SBP, financial market data: foreign exchange market, checked 18 October 2026
- SBP, mark to market revaluation exchange rate, checked 18 October 2026
- SBP, weighted average customer exchange rates, checked 18 October 2026
- SBP, open market closing exchange rates, checked 18 October 2026
- SBP, exchange rate regime and FX reserve management, checked 18 October 2026
- SBP FE Circular No. 02 of 2024: Regulatory Framework for Exchange Companies, from 1 January 2025, checked 18 October 2026
- ExchangeRate API, our exchange rate data, checked 18 October 2026
Last checked 18 October 2026. Rates on this page are from 8 November 2026 and are refreshed daily. If a rule here has changed, the official source wins.