What is the difference between the open-market and interbank dollar rate?
The interbank rate is the rate at which banks buy and sell dollars with each other, published every business day by the State Bank of Pakistan (SBP); the open-market rate is the cash rate at licensed exchange companies, published at the end of each business day by the Exchange Companies Association of Pakistan (ECAP).
| Interbank | Open market | |
|---|---|---|
| Who trades | Banks, with each other | Licensed exchange companies, with the public (cash) |
| Published by | State Bank of Pakistan | ECAP (also republished by SBP) |
| Quoted as | Weighted-average bid and offer | Buying and selling rate |
| When | Each business day | End of each business day |
| Use it when | Money moves by bank transfer or card | You change cash at an exchange company |
For the interbank market, SBP publishes the day’s weighted-average bid and offer rates for the US dollar. Bank transfers, card payments abroad and most remittances that arrive through banks are priced close to this market, although each bank sets its own customer rate.
The open-market sheet gives a buying rate (what the exchange company pays you for a dollar) and a selling rate (what you pay for one) for the US dollar, euro, pound, yen, UAE dirham and Saudi riyal. SBP republishes ECAP’s closing sheet on its own website, with the note that the rates are provided by ECAP and published for information only.
The two rates usually sit close together. When cash dollars are scarce the open-market rate can rise above interbank, and the size of that gap is widely watched. Today’s values for both, with the date and time each was published, are on the dollar rate page; they are not repeated here because they change every business day.
Questions
Which dollar rate should I use for a remittance?
If the money arrives by bank transfer, compare it with the interbank rate; if you are collecting or changing cash, the open-market buying rate is closer to what you will get. The remittance calculator shows both side by side.
Why is the open-market rate sometimes higher than the interbank rate?
Exchange companies deal in cash with walk-in customers. When cash dollars are in short supply the open-market rate tends to rise above interbank. The current gap is shown on the dollar rate page.
Is Aaj ka Rate an official source?
No. Aaj ka Rate is an independent site made by DanixSoft and is not affiliated with SBP or ECAP. It copies each rate from the publisher with the date and time and links to it; for the official figure, check sbp.org.pk.
Sources
- State Bank of Pakistan, economic data and exchange rates
- State Bank of Pakistan, open market closing exchange rates (provided by ECAP)
- Example ECAP closing sheet on SBP’s website, 4 September 2026 (PDF)
Last checked: . Aaj ka Rate is an independent site by DanixSoft, not affiliated with any government body. How we collect rates