Dollar and Other Currency Rates in Pakistan Today, 04 Feb. 2026

Karachi, 04 February 2026 – The Pakistani rupee firmed in Tuesday’s session, with the State Bank of Pakistan (SBP) fixing the USD/PKR mark-to-market currency rate at Rs 279.7235, 9 paisa below last close and the leanest print of 2026 so far.

Priority Currencies – Quick Take

1. US Dollar (USD) – 279.72 (spot)

The 9-paisa retreat keeps the greenback glued to the 279.70 handle, well inside the 279–282 band that has framed trade since October. One-week forwards sit at 280.06, implying a wafer-thin 0.12 % carry. Exporters continue to sell above 280.20, while oil importers nibble below 279.80.

“Liquidity is ample; the currency rate is drifting on positional tidy-ups rather than fresh macro cues,” said a senior treasury dealer.

2. British Pound (GBP) – 383.70 (spot)

Sterling vaults into the spotlight at 383.70, gaining sharply from yesterday’s 379.85; one-year forward is 398.29, implying 3.8 % annualised rupee softness. Textile exporters to Manchester are locking in six-month receivables above 385, keeping forward points well bid.

3. Saudi Riyal (SAR) – 74.59

SAR edges marginally to 74.5909; 12-month forward is 76.93, an annualised 3.1 %—still the tightest band among major remittance corridors. Exchange booths see steady demand from Umrah travellers locking in ahead of the January rush.

4. UAE Dirham (AED) – 76.16

AED firms to 76.1567; six-month forward is 77.41, implying 3.2 % annualised rupee softness. UAE salary inflows remain anchored to formal banking, keeping the pair quietly stable.

5. Qatari Riyal (QAR) – 76.74

QAR holds at 76.7417; 12-month forward is 79.64, a 4.2 % annualised gap—virtually identical to SAR and AED, underscoring uniform Gulf-peg calm.

6. Kuwaiti Dinar (KWD) – 915.78

KWD gains to 915.7751 on the firmer USD cross. Twelve-month forwards at 958.14 equate to 4.6 % annualised PKR weakness—marginally wider than GCC peers owing to thinner dinar liquidity.

7. Australian Dollar (AUD) – 196.86

The “Aussie” rebounds to 196.86 as iron-ore steadies above $105/t. One-year forward is 203.03, implying 3.1 % annualised rupee deprecation—almost flat against the SAR curve, confirming commodity-driven moves.

8. Canadian Dollar (CAD) – 205.19

The “Loonie” firms to 205.19 as WTI crude hovers near $76/bbl. Twelve-month forwards at 215.93 still pencil out to 5.2 % annualised rupee softness, but importers of prairie pulses are said to have covered February shipments early, capping further CAD gains.

Other Major Currencies

Euro opens at 330.95, up 0.5 % on the week after softer German CPI data; one-year forward is 349.13, translating into 5.5 % annualised rupee weakness. Japanese yen remains the cheapest major at 1.79 per unit, but forwards price 6.4 % annualised PKR decline—the steepest among G-10 pairs. Swiss franc is 360.47; Singapore dollar 220.19; Swedish krona 31.44; Norwegian krone 29.07; Danish krone 44.31; New Zealand dollar 169.02; Chinese yuan 40.33; Turkish lira 6.43; Russian ruble 3.62; Indian rupee 3.10; Bangladeshi taka 2.29—all inside well-worn ranges and implying no event-risk premium ahead of the IMF’s first-quarter 2026 review.

Market Context & Outlook

The uniformly slender forward premiums—barely 4–5 % annualised even for the least-liquid pairs—tell currency desks that both importers and exporters believe the State Bank has enough cover to defend the rupee through the winter remittance season. Reserves have risen to $21.26 billion, while the real effective exchange rate (REER) slipped to 98.2 in November, a level the IMF considers “competitive but not undervalued.” Unless oil spikes above $90 or political noise disrupts the Fund programme, traders expect the USD currency rate to remain hand-cuffed to the 278–282 corridor for the opening quarter of 2026, dragging the rest of the currency mosaic along in its slipstream.