Karachi, 28 January 2026 – The Pakistani rupee firmed in Thursday’s session, with the State Bank of Pakistan (SBP) fixing the USD/PKR mark-to-market currency rate at Rs 279.8122, in the latest M2M currency rates report.
Priority Currencies – Quick Take
1.US Dollar (USD) – 279.81 (spot)
The 10-paisa retreat keeps the greenback glued to the 279.80 handle, well inside the 279–282 band that has framed trade since October. One-week forwards sit at 280.00, implying a wafer-thin 0.07 % 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) – 386.10 (spot)
Sterling vaults into the spotlight at 386.10, gaining sharply from yesterday’s 382.08; one-year forward is 399.77, implying 3.6 % annualised rupee softness. Textile exporters to Manchester are locking in six-month receivables above 388, keeping forward points well bid.
3. Saudi Riyal (SAR) – 74.61
SAR edges marginally to 74.6076; 12-month forward is 76.77, an annualised 2.9 %—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) – 76.18
AED firms to 76.1819; six-month forward is 77.44, implying 3.2 % annualised rupee softness. UAE salary inflows remain anchored to formal banking, keeping the pair quietly stable.
5. Qatari Riyal (QAR) – 76.78
QAR holds at 76.7766; 12-month forward is 79.57, a 4.2 % annualised gap—virtually identical to SAR and AED, underscoring uniform Gulf-peg calm.
6. Kuwaiti Dinar (KWD) – 918.17
KWD gains to 918.1697 on the firmer USD cross. Twelve-month forwards at 957.81 equate to 4.3 % annualised PKR weakness—marginally wider than GCC peers owing to thinner dinar liquidity.
7. Australian Dollar (AUD) – 195.92
The “Aussie” rebounds sharply to 195.92 as iron-ore steadies above $105/t. One-year forward is 199.38, implying 1.8 % annualised rupee deprecation—almost flat against the SAR curve, confirming commodity-driven moves.
8. Canadian Dollar (CAD) – 206.12
The “Loonie” firms to 206.12 as WTI crude hovers near $76/bbl. Twelve-month forwards at 214.81 still pencil out to 4.2 % 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 335.61, up 1.2 % on the week after softer German CPI data; one-year forward is 349.55, translating into 4.1 % annualised rupee weakness. Japanese yen remains the cheapest major at 1.83 per unit, but forwards price 4.6 % annualised PKR decline—the steepest among G-10 pairs. Swiss franc is 365.89; Singapore dollar 222.08; Swedish krona 31.78; Norwegian krone 29.17; Danish krone 44.94; New Zealand dollar 168.78; Chinese yuan 40.29; Turkish lira 6.45; Russian ruble 3.68; Indian rupee 3.05; Bangladeshi taka 2.29—all inside well-worn ranges and implying no event-risk premium ahead of the IMF’s first-quarter 2026 review.