Karachi – Pakistan’s foreign exchange market continued to show relative stability on May 23, 2026, as major global currencies, including the US dollar, British pound, euro-linked currencies, Gulf currencies, and commodity-linked currencies, traded within a narrow range against the Pakistani rupee.
Market activity reflected a combination of regional economic pressures, steady remittance inflows, and cautious import demand, helping the rupee maintain controlled movement in both interbank and open market segments.
Analysts note that Pakistan’s currency performance remains closely tied to external financial conditions, global oil prices, and trade requirements, while regional inflows from the Middle East continue to provide key support to the rupee.
US Dollar to PKR (USD) – Stability Continues in Trade-Driven Demand
The US dollar remained the benchmark currency in Pakistan’s forex market.
Open Market: Rs 278.90 (buying) – Rs 279.55 (selling)
Interbank: Rs 278.45 (buying) – Rs 278.95 (selling)
The dollar’s movement reflects Pakistan’s ongoing import requirements and external payment obligations. Despite pressure on foreign reserves, the rupee has managed to avoid sharp volatility due to controlled demand conditions and steady inflows from exports and remittances.
UAE Dirham to PKR (AED) – Strong Gulf Link Keeps Rate Stable
The UAE Dirham continued to mirror the US dollar trend due to its currency peg.
Open Market: Rs 75.75 – Rs 76.80
Interbank: Rs 75.82 – Rs 75.96
The AED remains one of the most important foreign currencies for Pakistan due to strong labour migration ties with the UAE. Consistent remittances from Pakistani workers in Gulf countries continue to support Pakistan’s external account stability.
Saudi Riyal to PKR (SAR) – Remittance Support Maintains Demand
The Saudi Riyal also remained steady, supported by strong inflows from overseas workers.
Open Market: Rs 73.95 – Rs 74.80
Interbank: Rs 74.20 – Rs 74.34
Saudi Arabia remains the largest source of remittances for Pakistan, and this steady inflow plays a key role in maintaining liquidity in the currency market. Seasonal travel for Umrah and Hajj also contributes to periodic demand for SAR.
Canadian Dollar to PKR (CAD) – Education and Migration Flows Drive Market
The Canadian dollar traded within a stable range amid balanced demand.
Open Market: Rs 200.71 – Rs 205.65
Interbank: Rs 201.97 – Rs 202.33
CAD demand is largely influenced by student payments, immigration processing, and family settlement expenses linked to Canada. Broader global commodity trends and North American economic indicators also indirectly influence its movement.
British Pound to PKR (GBP) – High-Value Currency Reflects Strong External Demand
The British pound remained among the strongest currencies against the rupee.
Open Market: Rs 372.91 – Rs 378.10
Interbank: Rs 373.97 – Rs 374.64
The GBP continues to reflect Pakistan’s strong socio-economic ties with the United Kingdom. Remittance inflows, travel, and education-related expenses keep demand consistent, while global financial conditions in the UK also influence its strength.
Australian Dollar to PKR (AUD) – Commodity-Linked Currency Shows Steady Trend
The Australian dollar remained stable amid global commodity market signals.
Open Market: Rs 196.82 – Rs 202.68
Interbank: Rs 198.86 – Rs 199.22
AUD movement is largely influenced by global mineral exports and trade performance, especially China’s economic activity. In Pakistan, demand is mainly driven by students and migration-related financial transactions.
Market Outlook – Pakistan Currency Performance Remains Range-Bound
Overall, Pakistan’s forex market on May 23, 2026, reflects a controlled and range-bound trend, supported by:
- Steady remittance inflows from Gulf countries
- Managed import demand
- Cautious investor sentiment
- External financing stability expectations
However, analysts caution that Pakistan’s currency remains sensitive to global oil prices, external debt obligations, and regional geopolitical conditions, which may influence future volatility.
For now, the rupee continues to move within a predictable range against major world currencies, offering short-term stability in the forex market.
