The State Bank of Pakistan (SBP) has published the latest mark-to-market (M2M) currency rates for major international currencies against the Pakistani Rupee (PKR) on November 19, 2025.These rates, essential for authorized foreign exchange dealers to revalue their books daily, are based on the weighted average of the closing interbank exchange rate for the US Dollar (USD) from brokerage houses, with other currencies’ rates derived from USD/PKR data and their USD exchange rates on LSEG Workspace.Analysts attribute the USD’s minor softening and the EUR’s slight decline to global economic fluctuations, while steady remittance inflows continue to support the PKR. Gulf currencies maintain their resilience, underpinned by stable regional economic conditions. The forward premiums suggest a cautious outlook for the PKR, with potential influences from global monetary policies, particularly from the US Federal Reserve.The US Dollar (USD) showed slight depreciation, trading at 280.7235 PKR in the spot market, with forward rates progressing to 292.9555 PKR for the one-year tenor. The Saudi Riyal (SAR) held steady at 74.8596 PKR for the spot rate, with its one-year forward at 77.4984 PKR. The United Arab Emirates Dirham (AED) was at 76.4300 PKR, rising to 79.8494 PKR over one year. The Qatari Riyal (QAR) opened at 77.0161 PKR in the spot market, climbing to 80.3454 PKR for the one-year tenor.The Kuwaiti Dinar (KWD) remained a powerhouse at 915.3033 PKR for the spot rate, with a one-year forward of 962.7194 PKR, highlighting sustained demand. The Euro (EUR) dipped to 326.5516 PKR in the spot market, with forward rates reaching 346.6106 PKR for one year. The Bahraini Dinar (BHD) stood at 744.5753 PKR, advancing to 773.2757 PKR in the one-year tenor. The British Pound (GBP) traded at 368.7444 PKR, with its one-year forward rate at 384.6109 PKR, reflecting consistent forward premium growth. The Turkish Lira (TRY) was recorded at 6.6515 PKR for the spot rate, decreasing to 5.1841 PKR over one year, indicating a depreciation trend in forward premiums.Other currencies’ spot rates included: Japanese Yen (JPY) at 1.8150 PKR, Swiss Franc (CHF) at 354.6280 PKR, Australian Dollar (AUD) at 183.2002 PKR, Canadian Dollar (CAD) at 199.9669 PKR, Swedish Krona (SEK) at 29.7520 PKR, Norwegian Krone (NOK) at 27.9506 PKR, Danish Krone (DKK) at 43.7278 PKR, Singapore Dollar (SGD) at 215.7503 PKR, New Zealand Dollar (NZD) at 159.2404 PKR, Malaysian Ringgit (MYR) at 67.9225 PKR, Hong Kong Dollar (HKD) at 36.1257 PKR, Indian Rupee (INR) at 3.1633 PKR, South African Rand (ZAR) at 16.3948 PKR, Omani Riyal (OMR) at 729.1520 PKR, Bangladeshi Taka (BDT) at 2.2973 PKR, Brazilian Real (BRL) at 52.9757 PKR, Argentine Peso (ARS) at 0.1994 PKR, Chinese Yuan (CNY) at 39.5421 PKR, Sri Lankan Rupee (LKR) at 0.9143 PKR, Thai Baht (THB) at 8.6723 PKR, Indonesian Rupiah (IDR) at 0.0168 PKR, Mexican Peso (MXN) at 15.3017 PKR, Russian Rubles (RUB) at 3.4568 PKR, South Korean Won (KRW) at 0.1924 PKR, and Offshore Chinese Yuan (CNH) at 39.5346 PKR. Consistent with prior trends, BDT, BRL, and ARS lack forward rates beyond the spot market.