The State Bank of Pakistan (SBP) rolled out the latest mark-to-market (M2M) currency rates on December 2, 2025, giving authorized dealers the official yardstick for daily foreign-exchange book adjustments.
The USD rate reflects the volume-weighted closing level from interbank brokerage activity, while all remaining currencies are priced using real-time USD crosses from LSEG Workspace.
Key Spot Rates (PKR)
| Currency | Spot Rate | 1-Year Forward |
|---|---|---|
| USD | 280.4892 | 292.5124 |
| EUR | 323.8741 | 343.2189 |
| GBP | 371.1025 | 386.8920 |
| SAR | 74.7680 | 77.3480 |
| AED | 76.3680 | 79.7320 |
| QAR | 76.9720 | 80.1980 |
| KWD | 912.9850 | 958.9200 |
| BHD | 744.0210 | 772.1100 |
| TRY | 6.5920 | 5.1620 |
Market Pulse & Commentary
The US Dollar prolonged its orderly retreat, ending the session at 280.4892 PKR — a fractional dip that underscores the cushion provided by resilient workers’ remittances and a tightly managed current-account deficit. Overseas Pakistanis continue to channel more than $3 billion monthly into the formal banking system, while import compression and regulatory curbs on non-essential dollar outflows keep speculative pressure at bay.
European heavyweights—the Euro and British Pound—edged higher against the rupee, riding a broadly softer dollar tone in global markets and growing bets that the ECB and BoE will maintain relatively hawkish stances compared with the Fed’s pivot toward neutrality.
Gulf currencies (SAR, AED, QAR) remain laser-aligned to the greenback owing to their hard pegs, displaying negligible intraday swings. Their forward curves, however, continue to price in a measured depreciation of the Pakistani Rupee over the next twelve months.
The Kuwaiti Dinar retains its crown as the mightiest currency versus the rupee, buoyed by Kuwait’s formidable external surpluses and the strong preference of Pakistani workers in the emirate to hold earnings in KWD.
In contrast, the Turkish Lira persists on its structural downtrend, with the one-year forward sliding to 5.1620 PKR, highlighting Türkiye’s entrenched inflation struggles and aggressive policy-rate cuts that have kept real yields deeply negative.
Forward premiums across the curve remain firmly positive, embedding market consensus for an annual rupee depreciation of roughly 4.4–4.7% through 2026. This outlook reflects ongoing external debt servicing needs, gradual liberalization of the exchange-rate regime, and the central bank’s commitment to letting market forces play a larger role while preventing disorderly moves.
