USD to PKR – Live Rate, Historical Chart & Converter

What drives the USD to PKR rate?

The USD to PKR rate is unusual among major emerging-market pairs because Pakistan maintains two parallel Dollar prices: the interbank rate, used for official trade and remittance settlements, and the open-market rate, used by exchange companies for cash and informal transfers. The spread between the two is one of the cleanest signals of real Dollar scarcity in the country — when the gap widens past 5 PKR, the State Bank of Pakistan (SBP) typically steps in.

Interbank versus open market: which one applies to you?

• Interbank rate: what your bank charges for a wire transfer, credit-card settlement, or large trade invoice. Set by a small group of approved banks reporting to the SBP.
• Open-market rate: what you get at an exchange company (HBL, Dollar East, Galaxy). Cash transactions, hawala-adjacent flows, and walk-in remittances.
• Spread: historically 1–3 PKR; widened to 12+ PKR during the 2022–2023 FX crisis before narrowing again.

IMF program status: the biggest single driver

Almost every large move in USD/PKR over the past decade has coincided with IMF program news. The June 2023 staff-level agreement on a $3 billion Stand-By Arrangement dropped the pair from ~285 to ~260 within weeks. The 2019 IMF Extended Fund Facility did the opposite — it required a free float that took USD/PKR from 156 to 163 in a single session. Track IMF disbursement dates if you're timing a large conversion.

Historical context for USD to PKR

• May 2023: USD/PKR spiked past 300 in the interbank market — the first time in history — on delayed IMF disbursements.
• October 2022: post-flood peak near 283, with the open-market rate touching 290+.
• December 2017: USD/PKR was 110–112, before a slow drift that accelerated into 2018.
• April 2024: IMF EFF approval helped the rate recover from 280 back to 278–282.

Best time to convert USD to PKR

If you have flexibility, the best time to convert is in the first 90 minutes of interbank trading, 9:00 AM to 10:30 AM Pakistan time, when overnight SBP fixing flows are settling and spreads are tightest. Avoid Friday afternoons — Karachi banks close early and weekend spreads widen. For more on reading historical patterns, see our USD to PKR graph guide and our deep dive on the best time to convert USD to PKR.

How to get the best USD to PKR rate

• For remittances above $1,000, use a regulated money transfer service — they typically beat both bank wires and open-market cash rates.
• Compare the interbank reference rate (published by SBP daily) against what your provider quotes you; anything wider than 1.5% is a poor deal.
• Avoid converting during political or IMF news cycles — spreads blow out by 2–5 PKR in those windows.
• Set a rate alert at the top of this page; PKR's 90-day range often exceeds 5%.

FX rates in Pakistan are tightly managed and can change rapidly on policy news. Always confirm the live rate immediately before transacting.