KARACHI: The State Bank of Pakistan (SBP) released its daily Mark-to-Market Revaluation Currency Rates like US Dollar, Saudi Riyal and UAE Dirham for June 24, 2026.
US Dollar in the ready market stands at PKR 278.2022, SAR at PKR 74.1220, AED at PKR 75.7487, Canadian dollar at PKR 195.5108, Bahraini Dinar at PKR 737.8878 and Omani Riyal at PKR 722.6312.
Day-to-day changes are nominal, dollar against rupee moved barely less than a paisa while no change has been seen against Gulf currencies.
Still this exchange rate stability in this region is the matter of great attention as for decades exchange rate has remained volatile. One year ago, rupee still fighting back after what it did in the year 2023-2024. Dollar stood almost at 284 in the middle of the year 2025 with major analysts anticipating further decline, but it had gained around 2 percent in just a year. What is amazing that in the mid of Feb 2026, Pakistan face tremendous exterior blow when middle eastern crisis intensified.
That also caused spillover to emerging markets and our sovereign spread touched 500 basis points!
Yes we saw exchange rate wobbled for a bit, but did not collapse? By June 2026, market was still predicting marginal depreciation with 1 year dollar forward rate standing at 292.64 – still far more less severe than previous years! For Pakistani workers working in Saudi Arabia, for instance, Saudi Riyal exchange rate to rupee matter much, for one, earning 1000 Saudi Riyals sends around PK Rs 74,120 (at PKR 74.1220 to SAR 1).
For sure less by a bit when you compare with previous year, when Riyal stood over 75 to dollar but at least this stability is now encourage workers to utilize official banking channel to remit dollars to Pakistan, in the shape of family remittance. Situation remains more same in UAE where Dirham comes on second highest remittances position with PKR 75.7487. Together both countries share more than two fifths in Pakistan’s total remittances where remittances increased by 8.2 per cent in first 9 months of FY up to around $30.3 billion.
Among all major currencies listed here by State bank of Pakistan, Canadian dollar has taken heavy beating from Pakistani rupee.
Standing at PKR 195.51, it has shed more than 5 per cent from previous year’s 207 against Pakistani currency. This situation is a good development for those Pakistanis that consume imported Canadian lentils or other pulses as well as those using any Canadian machines but bad news for Pakistani exporters who ship their products to Canadian market. Gulf currencies namely Riyal, Dirham, Bahraini Dinar, Omani Riyal generally follow USD hence no wonder they are on elevated level at the rate of 74.12, 75.75, 737.89, 722.63 respectively. These currency rate not commonly used by a general Pakistani person, but these currencies set tone to oil import cost and value of remittances from these countries along with associated diplomacies. As far as economic condition of Pakistan is concerned it is seeing gradual recovery as our Forex Reserves has climbed to $21.8 billion from 7 billion at the end of Jan 2026, and SBP holding a record of $16.4 billion as of March 2026.
As you read this, policy rate may still be falling from its July 2025 highs, it now stood at 11.5 per cent as per June 2026 numbers by the State Bank of Pakistan and the government successfully borrowed from international capital market by way of Eurobond $750m in April 2026.
IMF program for Pakistan is also firmly on track which is supportive to Balance of payments. But one does not need to look too far to find the risk, as of March 2026, oil price has jumped from low of $62 per barrel in last 2025 from mid-teens range to over $100 per barrel due to raging US-Iran conflict in the middle east which again fueled our current account deficit. Our current account deficit touched $27.9 billion in first 9 months ofFY fueled by imports including fuels, raw materials for industries recovering in an economy that had suffered too many setbacks from multiple shocks.
Despite rise in service exports by nearly 20% in this period with a heavy contribution from the IT sector and some other segments, current account balance in current account deficit is a structural weakness. For the ordinary Pakistani on the street, an exchange rate represents the price of petrol, cooking oil, value of their hard-earned dollars sent home by friends or families abroad and everything else in between. Given no changes in exchange rate between Dollar and Pakistan’s Rupee on June 24, 2026 by the State Bank of Pakistan, well, there can’t be anything simpler to say that “nothing much has happened today” which in the face of Pakistani history is nothing but remarkable!