Dollar and Other Currency Rates in Pakistan Today- 21 Nov. 2025

Karachi, 21 November 2025: The Pakistani rupee inched higher on the last working day of the week, with the State Bank of Pakistan (SBP) fixing the USD/PKR mark-to-market rate at Rs 280.6229, as it releases M2M currency rates report.  

1. US Dollar (USD) – 280.62 (spot)

The greenback has now shed 9 paisa in three sessions, keeping the November range inside a 90-paisa band. One-week forwards are quoted at 280.83, implying a carrying cost of only 0.07 %. Dealers say year-end importer demand is muted and exporters are happy to sell above 281.00.

“Liquidity is comfortable; the market is effectively waiting for the next IMF tranche review,” said a senior treasury official at a local bank.

2. Saudi Riyal (SAR) – 74.83

The Kingdom’s currency is unchanged at 74.83; one-year forward is 77.46, an annualised 3.5 %—still the tightest curve among major remittance currencies. Exchange companies report brisk walk-in demand from prospective Umrah travellers locking in rates before the seasonal December rush.

3. UAE Dirham (AED) – 76.42

Dirham spot stays at 76.42; six-month forward is 77.73, implying 3.4 % annualised rupee softness. UAE-based salary disbursements continue to migrate to banking channels, helping keep the pair stable.

4. Qatari Riyal (QAR) – 77.00

QAR eased 1 paisa to 77.00; 12-month forward is 80.31, a 4.3 % annualised gap—identical to SAR/AED, underscoring uniform Gulf-peg stability.

5. Kuwaiti Dinar (KWD) – 913.97

The world’s highest-valued currency slipped Rs 1.1 to 913.97 on the softer USD leg. One-year forward is 960.29, implying 5.1 % annualised PKR weakness—marginally wider than GCC peers owing to thinner dinar liquidity.

6. Bahraini Dinar (BHD) – 744.41

BHD is flat at 744.41; six-month forward is 755.33, an annualised 2.9 %—the flattest curve among GCC pairs. Manama-related IT remittances remain steady.

7. Australian Dollar (AUD) – 181.69

The “Aussie” hit a two-month low of 181.69 as iron-ore dipped below $100/t. One-year forward is 189.59, a 4.3 % annualised gap—almost flat against the SAR curve, meaning AUD/PKR moves are driven purely by commodity swings.

8. Canadian Dollar (CAD) – 199.63

The “Loonie” closed below 200 for a second day at 199.63 as WTI crude hovered near $76/bbl. Twelve-month forwards at 211.44 still pencil out to 5.9 % annualised rupee softness, but importers of pulses are covering February shipments early, capping further CAD weakness.

Other Majors – Single-Paragraph Round-Up

Euro opened at 323.23, down 1.9 % on the week on softer German Ifo data; one-year forward is 343.21, implying 6.2 % annualised PKR weakness. Sterling eased to 366.72, little moved after BoE rhetoric cooled rate-cut bets. Japanese yen remains the cheapest major at 1.78 per unit, but forwards price 7.8 % annualised PKR decline—the steepest among G-10 pairs. Swiss franc is 348.64; Singapore dollar 214.66; Swedish krona 29.38; Norwegian krone 27.54; Danish krone 43.29; New Zealand dollar 157.33; Chinese yuan 39.44; Turkish lira 6.62; Russian ruble 3.48; Indian rupee 3.17; Bangladeshi taka 2.29—all inside well-worn ranges and implying no event-risk premium ahead of the IMF’s first-quarter 2026 review.

Market Context & Outlook

The uniformly narrow forward premiums—barely 5–6 % annualised even for the least-liquid pairs—tell currency desks that both importers and exporters believe the State Bank has enough cover to defend the rupee through the winter remittance season. Reserves have risen $1.5 billion in six weeks to $19.7 billion, while the real effective exchange rate (REER) slipped to 98.2 in October, a level the IMF considers “competitive but not undervalued.” Unless oil spikes above $90 or political noise disrupts the Fund programme, traders expect USD/PKR to remain hand-cuffed to the 279–282 corridor for the rest of 2025, dragging the rest of the currency mosaic along in its slipstream.