Pakistani Rupee at 277.1 Per Dollar on 29 September 2026: 1.5 Percent Stronger Than a Year Ago
The rupee stood at 277.1 per dollar on 29 September 2026, against 281.4 a year earlier. See what it means for importers, remittances and $21.4 billion reserves.
The Pakistani rupee stood at 277.1 per US dollar on 29 September 2026, against 281.4 a year earlier, so it was about 1.5 percent stronger. It was also slightly firmer than the 278.2 recorded at the end of June 2026, according to SBP data in the Finance Division's September update.
The exchange rate is how many rupees one dollar costs. A lower number means a stronger rupee. We read the Finance Division's economic update and an SBP press release on 21 October 2026. For today's rate, use a daily source, because these figures are from 29 September.
The rupee gained 1.5 percent over the year to 29 September
On 29 September 2025 a dollar cost Rs 281.4. On 29 September 2026 it cost Rs 277.1, a fall of Rs 4.3, or 1.53 percent by our arithmetic. Since 30 June 2026, when the rate was 278.2, it fell Rs 1.1, or 0.40 percent.
| Date | Rupees per dollar | SBP reserves, $ billion |
|---|---|---|
| 29 September 2025 | 281.4 | 14.4 (on 19 Sept) |
| End June 2026 | 278.2 | 18.4 |
| 29 September 2026 | 277.1 | 21.4 (on 18 Sept) |
The reserves dates differ from the rate dates by a few days, because the source reports them on different days. We show both as printed.
SBP reserves rose from $14.4 billion to $21.4 billion in a year
The central bank's liquid reserves were $21.39 billion on 18 September 2026, about three months of imports, up from $14.4 billion a year earlier. Total liquid reserves including banks were $26.8 billion. A later SBP release puts SBP's reserves at $21.5 billion on 9 October.
SBP says the build-up came mostly from buying dollars in the market, not from borrowing. Pakistan also sold $3.0 billion of Eurobonds in September, which helped. For more on the purchases, see our explainer on how SBP bought $8.1 billion in FY26.
A stronger rupee helps importers and hurts dollar savers
An importer who pays $10,000 needed Rs 2,771,000 at 277.1 and would have needed Rs 2,814,000 at 281.4. That is Rs 43,000 less. A family receiving $500 a month from abroad gets about Rs 2,150 less than it would at the older rate.
That is why a stronger rupee is not good news for everyone. Savers in dollars and recipients of remittances see fewer rupees. Importers and anyone with dollar debts see lower costs.
One date is a snapshot, not a trend
The three dates in the table are a quarter apart or a year apart. Between them the rate may have moved up and down. The Finance Division's table shows only those end points, so we cannot tell you how smooth or rough the path was, and we do not claim it was steady.
What the table does show is direction. A year ago the dollar cost Rs 281.4, at the end of June it cost Rs 278.2, and on 29 September it cost Rs 277.1. Each step is lower than the one before. SBP links part of the stronger position to buying dollars from the market and to a nearly balanced current account in FY26, which it says drove the reserve build-up.
The Finance Division adds that stronger reserves and renewed access to capital markets give Pakistan a better position to absorb the higher oil import bill and to meet upcoming external debt payments. Those are its words, and the rate you see on any day can still differ.
Check the rate you are offered against the SBP rate
Banks and exchange companies set their own buy and sell rates. The gap to the SBP interbank rate is where you can lose money. We explain how in our guide to checking the dollar rate offered against SBP and ECAP rates.
Forward rates, which you can lock for a future date, are different again. They sit above the ready rate. Our page on SBP forward dollar rates shows how to read them.
Compare the rupee on two dates in four steps
Do this before you decide to send, hold or convert dollars.
- Pick the date you care about and the same date a year earlier.
- Read the interbank rate from the SBP site for both dates.
- Subtract the later from the earlier and divide by the earlier rate.
- Compare the result with the rate your bank or exchange company offers.
Common questions
What was the dollar rate on 29 September 2026?
It was Rs 277.1, according to SBP data quoted in the Finance Division's September update.
Is the rupee stronger than last year?
Yes. It was 281.4 on 29 September 2025, so the rupee was about 1.5 percent stronger a year later.
What are SBP's reserves?
SBP liquid reserves were $21.39 billion on 18 September 2026, and $21.5 billion by 9 October.
Will the rupee keep getting stronger?
We do not forecast it. The Finance Division says stronger reserves and market access give a better buffer, but it gives no rate path.
Where do I find today's rate?
Use the SBP interbank rate page and compare it with the rate your bank or exchange company quotes.
How we verified this
What we checked, where we read it, and what we could not confirm.
On 21 October 2026 we read the Finance Division's Monthly Economic Update and Outlook for September 2026 and SBP's press releases page, including the 17 October release on the Governor's investor meetings. We did not check the rate for 21 October, and we could not verify the reasons for the rupee's move beyond what SBP states about its dollar purchases.
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.
