How to Check SBP's Forward Dollar Rates: Rs 290.98 for One Year vs Rs 276.92 Ready
SBP's 15 October 2026 sheet lists the dollar at Rs 276.92 ready, Rs 280.03 in three months and Rs 290.98 in one year. See how to read it and what it is not.
Short answer: SBP's Mark-to-Market Revaluation Exchange Rate sheet for 15 October 2026 shows the dollar at Rs 276.9221 ready and Rs 290.9784 for one year ahead. The three-month rate is Rs 280.0331. A forward rate is a price agreed today for a later date. It is not SBP's forecast.
Most people only look at today's dollar rate. But an importer who must pay a supplier in three months, or an exporter who will be paid in six, cares about a different number: the rate for that later date. SBP publishes a table with those rates every day. We opened the one dated 15 October 2026.
The sheet lists the dollar at 11 dates from ready to one year
SBP's sheet gives each currency at 11 points: ready, one week, two weeks, one to six months, nine months and one year. For the US dollar, the ready rate is Rs 276.9221 and the one-year rate is Rs 290.9784, a gap of Rs 14.0563. The sheet is a one-page PDF.
| US dollar to rupee | Rate on 15 October 2026 | Gap from ready |
|---|---|---|
| Ready | Rs 276.9221 | nil |
| One month | Rs 277.8511 | Rs 0.9290 |
| Three months | Rs 280.0331 | Rs 3.1110 |
| Six months | Rs 283.6369 | Rs 6.7148 |
| Nine months | Rs 287.8162 | Rs 10.8941 |
| One year | Rs 290.9784 | Rs 14.0563 |
The gap column is our arithmetic. The sheet itself carries only the rates. The ready rate here may differ by a few paisa from other SBP dollar tables, such as the one behind our daily dollar rate report.
A forward rate is a price for a later date, not a forecast
A forward rate fixes the price of a currency for delivery on a future date. If the one-year dollar rate is Rs 290.9784, it does not mean SBP expects the market rate to be that in a year. It is the price on the sheet for that date, and it rises with time on this sheet.
SBP's one-page sheet carries no notes on how the rates are worked out, so we do not explain the method. What we can say is what the numbers do. The one-year rate is 5.08 per cent above the ready rate. The six-month rate is 2.43 per cent above, which is about 4.85 per cent a year. The shape is steady: the longer the date, the higher the rate.
Who needs the forward table and who can skip it
The table matters most to businesses with a dollar bill or dollar income due later. A shop that imports stock and pays in 90 days can compare the ready and three-month rates. A household paying a dollar fee next week only needs the ready rate. If you trade dollars in cash, first confirm that the exchange company is authorised by SBP.
Here is an example. A firm owes a supplier $50,000 in three months. At the ready rate that is Rs 13,846,105. At the three-month rate on the sheet it is Rs 14,001,655. The difference is Rs 155,550. Neither figure is an offer from a bank. Your bank sets its own forward price.
| Currency | Ready | One year | Rise |
|---|---|---|---|
| US dollar | Rs 276.9221 | Rs 290.9784 | 5.08% |
| Euro | Rs 310.7759 | Rs 331.7655 | 6.75% |
| British pound | Rs 367.1849 | Rs 385.9471 | 5.11% |
| Australian dollar | Rs 191.9070 | Rs 201.1068 | 4.79% |
| Canadian dollar | Rs 195.0225 | Rs 208.5836 | 6.95% |
How to read the sheet in five steps
The sheet is easy to read once you know the columns. Each row is a currency and each column is a date. Read across the row for the currency you need, then down to the date you will pay or be paid.
- Open SBP's Economic Data page and find "Mark-to-Market Revaluation Exchange Rate".
- Open the PDF for the latest date. The file name carries the date, for example 15-october-2026.
- Find your currency in the first column, such as USD.
- Read the READY rate, then the rate under the month you will pay or receive.
- Subtract the ready rate from the later rate and multiply by your amount in dollars.
Repeat the check on the day you decide, because the sheet is dated daily. Do not use an old sheet for a new contract.
Common questions about SBP forward dollar rates
What is the one-year dollar rate on SBP's sheet?
It is Rs 290.9784 on the sheet dated 15 October 2026. The ready rate on the same sheet is Rs 276.9221.
Is the forward rate a prediction of the dollar?
No. It is a price for a later date on SBP's sheet. It is not a forecast, and the market rate on that date can be higher or lower.
Can I buy dollars at the three-month rate?
Not from this sheet. It is a published table. Any real forward deal is made with your bank on the bank's own terms, which can differ.
Why are later rates higher than the ready rate?
On this sheet every later date is higher than the one before. SBP's page gives no reason, so we do not state one.
Where do I find the daily sheet?
On SBP's Economic Data page, under Exchange Rates, listed as Mark-to-Market Revaluation Exchange Rate and updated daily.
Does the sheet cover currencies other than the dollar?
Yes. The sheet we opened lists the euro, yen, pound, Swiss franc, Australian dollar, Canadian dollar, Swedish krona, Norwegian krone and Danish krone, among others.
How we verified this
What we checked, where we read it, and what we could not confirm.
Last checked 15 October 2026. All rates come from SBP's file "mark-to-market-revaluation-exchange-rate-15-october-2026.pdf", listed under Exchange Rates on SBP's Economic Data page, which we opened on 15 October 2026. The gap, percentage rise and the $50,000 example are our own arithmetic. We did not find a note on the sheet that explains how SBP derives the rates, so we have not claimed one. A bank may quote different rates.
About the author
Global Affairs & Political Economy Writer
Muhammad Hatim is a book lover who started writing because he enjoys it. At Pakistan Era he writes about international relations, geopolitics and the global economy, with a particular interest in South Asia and the forces behind current events.
