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Interbank or Inter bank exchange rate is considered as a worldwide market where the trading currency is in the hands of global firms and banks instead of government. Here the bank has the sole authority to exchange the traded money at a particular rate or may be on wholesale rate. In simple words interbank is the bank that offers the opportunity to various large firms or banks direct trading with each other via online platform or Electronic Broking Service and involve in direct transaction.

As mentioned above that in interbank market large firms or usually banks will involved which include; commercial banks, central banks, brokers, funding organizations and trading companies. Here every participant has their own market that is formerly known as interbank market.

Further, in several countries rules and regulations will be implemented on interbank market and these rules must be prohibited while interbank trading.

On contrary, the interbank rate is the rate of interest that is charged by the bank on the behalf of short loans as bank give an opportunity of borrowing and lending money in interbank market so it will decline the pressure and burden of withdrawals by offering interest on every exchanging currency. Whereas, the interbank dollar rate is also referred to an interbank exchange rate on which the paid by the bank at a specific rate and time period to other bank in case of trading currencies. Hence, the banks will tend to increment interbank exchange rate by buying and selling of foreign currencies in bulky amount and give it to the investors in higher rates. Investors will save these foreign money and when they withdrawal it they will get double or higher amount. Thus, it is very significance for the countries to keep an update of interbank rate today

The banks play a significant role in the life of a money exchanger as they enable various benefits and interest on money conversion but only regular and frequent investors have a chance to gain bounties on money exchange. The interbank exchange rate today is depending upon the International banks that the value and time period they had set for currency trading will determine interbank exchange rate.

However, in Pakistan the interbank rate today for currencies exchanging is not differ from the open market rate because in Pakistan the banking sector will offer more interest rates on money exchanged that is not suitable and favorable for investors who want less money for exchanging purposes. However, if you see from the investing point of view then definitely go to national bank of Pakistan to exchange money.

Besides that, if we talked about interbank dollar rate so it is always favorable for the countries as the USD dollar is relating to leading currency and most traded one because of its value and estimation. In such ways the USD is directly affect the PKR and we need to keep an eye on USD to PKR Interbank rate. And it is also necessary for Pakistan to accountable the economic condition of the country and this can be only happen after constant checking on interbank dollar rate.