Karachi: The State Bank of Pakistan (SBP) disclosed the freshest mark-to-market (M2M) currency rates on November 28, 2025, furnishing licensed dealers with the authoritative benchmarks essential for daily reassessment of their overseas currency assets.
These rates encapsulate the weighted mean of end-of-day interbank levels for the US Dollar, aggregated from brokerage operations, whereas alternative currencies are determined via live cross valuations versus the USD drawn from LSEG Workspace.
Key Spot Rates (PKR)
| Currency | Spot Rate | 1-Year Forward |
|---|---|---|
| USD | 280.5231 | 292.5969 |
| EUR | 324.6915 | 344.1671 |
| GBP | 370.6131 | 386.1816 |
| SAR | 74.7772 | 77.3667 |
| AED | 76.3775 | 79.7440 |
| QAR | 76.9801 | 80.2150 |
| KWD | 913.5478 | 959.6644 |
| BHD | 744.1129 | 772.2475 |
| TRY | 6.6000 | 5.1718 |
Market Overview & Insights
The US Dollar perpetuated its subdued easing, concluding at 280.5231 PKR during the interbank close—a subtle retreat of mere paisas from yesterday. This tempered abatement stems predominantly from vigorous inflows of remittances from the Pakistani diaspora (surpassing $3 billion in the prior month and projected to hold firm), alongside prudent oversight of import volumes that has tempered dollar procurement. The central authority’s astute surveillance of speculative maneuvers has further ensured seamless market dynamics.
On the European front, the Euro and British Pound notched incremental appreciations vis-à-vis the rupee, propelled by a tempered dollar stance worldwide and mounting assurance that premier European monetary institutions will pursue a more restrained loosening trajectory than the US Federal Reserve in forthcoming periods.
Monies from the Gulf Cooperation Council—Saudi Riyal, UAE Dirham, and Qatari Riyal—persist in shadowing the greenback meticulously by virtue of their anchored pegs, evincing scant intraday flux. Their prospective trajectories, nonetheless, steadfastly incorporate a discernible anticipation of incremental rupee erosion across the intermediate horizon.
The Kuwaiti Dinar reaffirms its supremacy among traded currencies relative to the Pakistani Rupee, boasting a spot valuation of 913.5478 PKR and a one-year outlook of 959.6644 PKR, emblematic of Kuwait’s enduring fiscal vitality and the pronounced affinity of Pakistani expatriates for retaining KWD proceeds.
Conversely, the Turkish Lira endures its extended attenuation versus the rupee, its one-year projection dipping to 5.1718 PKR, emblematic of Türkiye’s protracted grapple with rampant inflation and assertive fiscal leniency.
Prospective premiums endure as resolutely affirmative spanning the full maturity range, embedding an envisaged yearly attenuation of the Pakistani Rupee approximating 4.4–4.7%. This prospective calibration resonates with dominant sentiments regarding Pakistan’s overseas funding imperatives, impending liability settlements, and the incremental pivot to a more market-oriented valuation framework.