The State Bank of Pakistan (SBP) unveiled its latest mark-to-market (M2M) currency rates for December 10, 2025 — the official yardstick for authorized dealers when recalibrating foreign-exchange holdings at close of business.
The USD benchmark is calculated from the volume-weighted interbank closing level reported by brokers; every other currency is priced using live USD cross rates sourced from LSEG Workspace.
Key Spot Rates (PKR)
| Currency | Spot Rate | 1-Year Forward |
|---|---|---|
| USD | 280.3781 | 292.5324 |
| EUR | 328.4927 | 347.9123 |
| GBP | 375.8192 | 391.6428 |
| SAR | 74.7100 | 77.3390 |
| AED | 76.3350 | 79.7200 |
| QAR | 76.9180 | 80.1750 |
| KWD | 912.8900 | 959.6200 |
| BHD | 743.6800 | 772.1000 |
| TRY | 6.5880 | 5.2340 |
Market Commentary
The Pakistani Rupee maintained its calm trajectory against the US Dollar, with the interbank close edging down a slender 3–4 paisas to 280.3781. Robust inflows from overseas Pakistanis — consistently topping $3 billion a month — combined with disciplined import coverage and the SBP’s watchful stance against speculative positioning continue to provide a solid foundation for the currency.
The Euro and Pound Sterling inched higher versus the rupee, supported by a broadly softer dollar backdrop globally and lingering expectations that the ECB and Bank of England will sustain relatively tighter policy settings compared with a Federal Reserve widely anticipated to remain on hold in the near term.
Gulf currencies, locked to the dollar through their fixed pegs, recorded virtually no spot movement, while forward curves continue to embed a gradual depreciation of the rupee over the coming twelve months.
The Kuwaiti Dinar retains its commanding position, underpinned by Kuwait’s formidable external surplus and the strong preference of the Pakistani diaspora in the emirate for retaining earnings in KWD.
Conversely, the Turkish Lira prolonged its structural weakening, with the one-year forward now at 5.2340 PKR — a stark reminder of Türkiye’s ongoing battle with elevated inflation and the aggressive monetary easing pursued by its central bank.
Forward premiums across all maturities remain firmly positive, pricing in market consensus for an annual rupee depreciation of approximately 4.3–4.7 % through 2026 — a view consistent with Pakistan’s external financing requirements and the progressive transition toward a more market-driven exchange-rate framework.