The State Bank of Pakistan (SBP) has released the latest mark-to-market (M2M) currency rates for November 25, 2025, providing authorized dealers with the official benchmark figures used to revalue their foreign currency holdings on a daily basis.
These rates are compiled using the weighted average closing interbank rate for the US Dollar collected from brokerage houses, while rates for all other currencies are calculated by cross-referencing the US Dollar/PKR rate with live quotes against the USD from LSEG Workspace.
Key Spot Rates (PKR)
| Currency | Spot Rate | 1-Year Forward |
|---|---|---|
| USD | 280.6982 | 292.8750 |
| EUR | 327.8421 | 348.1200 |
| GBP | 370.2150 | 386.4800 |
| SAR | 74.8450 | 77.4650 |
| AED | 76.4100 | 79.8200 |
| QAR | 76.9900 | 80.3150 |
| KWD | 915.4500 | 963.0000 |
| BHD | 744.6200 | 773.4000 |
| TRY | 6.6480 | 5.1950 |
Market Snapshot & Analysis
The US Dollar continued its slow but steady decline, closing at 280.6982 PKR in the interbank market — a marginal drop of a few paisas from the previous session. This ongoing softening is largely attributed to robust workers’ remittance inflows (which crossed $3 billion in October 2025 and are expected to remain strong), combined with relatively subdued import demand and proactive central bank measures to curb speculative dollar hoarding.
European currencies posted modest gains against the Pakistani Rupee. The Euro and British Pound both strengthened, supported by a softer dollar environment globally and expectations of tighter monetary policy from the European Central Bank and Bank of England compared to the US Federal Reserve, which has signaled a pause in its rate-hike cycle.
Gulf currencies — Saudi Riyal (SAR), UAE Dirham (AED), and Qatari Riyal (QAR) — remain tightly pegged to the US Dollar and therefore exhibit minimal day-to-day volatility. Their forward premiums, however, continue to reflect the market’s expectation of gradual rupee depreciation over the coming months.
The Kuwaiti Dinar once again dominated the list as the strongest currency against the Pakistani Rupee, with a spot rate of 915.45 PKR and a one-year forward of 963.00 PKR, underlining Kuwait’s sustained economic strength and high demand for the currency among overseas Pakistanis working in the country.
The Turkish Lira continues its long-term depreciation trend against the rupee, with the one-year forward rate falling to 5.1950 Pakistani Rupee reflecting ongoing macroeconomic challenges in Türkiye and aggressive monetary easing by its central bank.
Forward premiums across all tenors remain elevated, implying that the market is pricing in an annual depreciation of the Pakistani Rupee in the range of 4–4.5% over the next twelve months. This outlook is driven by persistent current account pressures, debt repayment obligations, and expectations of a gradual normalization of the exchange rate regime.