The State Bank of Pakistan (SBP) has rolled out its daily mark-to-market (M2M) currency rates for December 15, 2025 — the gold-standard reference for authorized dealers when balancing foreign-exchange portfolios at close of play.
The USD benchmark stems from the volume-weighted interbank closing level submitted by brokers; every other currency is valued through real-time USD cross rates from LSEG Workspace.
Key Spot Rates (PKR)
| Currency | Spot Rate | 1-Year Forward |
|---|---|---|
| USD | 280.3124 | 292.4891 |
| EUR | 329.1567 | 348.7123 |
| GBP | 376.8921 | 392.4567 |
| SAR | 74.6832 | 77.2634 |
| AED | 76.3124 | 79.6789 |
| QAR | 76.9012 | 80.1456 |
| KWD | 913.1200 | 959.8900 |
| BHD | 743.5123 | 771.9345 |
| TRY | 6.5700 | 5.2200 |
Market Commentary
The Pakistani Rupee preserved its serene stance against the US Dollar, with the interbank close retreating a mere 3–4 paisas to 280.3124. Unwavering expatriate remittances — hovering reliably above $3 billion monthly — alongside calibrated import controls and the SBP’s resolute monitoring of speculative trades continue to lend sturdy support to the currency.
The Euro and Pound Sterling carved out small gains against the rupee, aided by a generally subdued dollar internationally and ongoing speculation that the ECB and Bank of England will hew to a firmer policy line than a Federal Reserve expected to stay on the sidelines in the immediate future.
Gulf currencies, anchored solidly to the dollar via their unyielding pegs, showed virtually no spot variation, while forward curves persist in factoring a controlled depreciation of the rupee over the ensuing twelve months.
The Kuwaiti Dinar upholds its dominant perch, bolstered by Kuwait’s robust external balances and the marked inclination of Pakistani workers in the emirate to keep earnings in KWD.
In marked contrast, the Turkish Lira pressed ahead with its protracted downturn, its one-year forward settling at 5.2200 PKR — a vivid testament to Türkiye’s enduring inflation woes and the bold rate-cutting path charted by its central bank.
Forward premiums across all durations stay decisively positive, incorporating trader expectations for an annual rupee depreciation of around 4.3–4.7 % into 2026 — a forecast attuned to Pakistan’s external funding obligations and the deliberate evolution toward a more market-oriented exchange-rate system.