Rupee Remains Steady Against USD as Forward Curve Predicts Mild Depreciation

The State Bank of Pakistan (SBP) released its Mark-to-Market Currency Rates for August 11, 2026, showing that the rupee remained steady against the US dollar.

The dollar was traded in the ready market at 277.6715, a slight decrease from 277.7019 on August 10. The Saudi Riyal saw an increase of 10 paisas to 73.9511, while the UAE Dirham and Bahraini Dinar remained unchanged.

The forward curve predicts ongoing mild depreciation for the rupee against major currencies. The one-month forward is at 279.3032, indicating a potential weakness of almost 63 paisas in the next month. In contrast, the Canadian Dollar remains relatively expensive due to its high value against the Pakistani rupee.

Despite the general trend of depreciation, Pakistan's buyers continue to make expensive purchases of pulses and agricultural produce due to stiff invoice costs. The one-year forward for the CAD implies a stronger depreciation than the dollar-rupee cross, suggesting resilience in Canadian growth or continued demand from Pakistan.