The Rupee and Foreign Exchange
You will often see two different dollar rates quoted on the same day. The interbank rate is what banks trade at with each other; the open market rate is what you actually pay at an exchange company, and it is usually a little higher. Exchange companies also quote separate buying and selling rates — the spread between them is how they earn.
What moves the rupee
The rupee's value reflects the balance of dollars coming in and going out. Remittances from overseas Pakistanis and export earnings bring dollars in; the import bill, especially oil, takes them out. Foreign exchange reserves held by the State Bank act as the buffer, and news about those reserves often moves the rate on its own.
What you will find here
Rupee movement and the reasons behind it, remittance and reserve figures as they are published, State Bank measures affecting foreign currency, and guidance for anyone sending or receiving money from abroad. Live rates are on our currency rates page.