The State Bank of Pakistan (SBP) has released the latest mark-to-market (M2M) currency rates for US Dollar (USD) and other major international currencies against the Pakistani Rupee (PKR) on November 12, 2025.These rates, critical for authorized foreign exchange dealers to revalue their books daily, are derived from the weighted average of the closing interbank exchange rate for the US Dollar (USD) from brokerage houses, with other currencies’ rates calculated using USD/PKR data and their USD exchange rates on LSEG Workspace.The US Dollar (USD) exhibited a slight decline, trading at 280.7728 PKR in the spot market, with forward rates advancing to 292.9913 PKR for the one-year tenor. The Saudi Riyal (SAR) remained stable at 74.8712 PKR for the spot rate, with its one-year forward at 77.5512 PKR. The United Arab Emirates Dirham (AED) was quoted at 76.4459 PKR, increasing to 79.8733 PKR over one year. The Qatari Riyal (QAR) opened at 77.0381 PKR in the spot market, rising to 80.3657 PKR for the one-year tenor.The Kuwaiti Dinar (KWD) maintained its strength at 914.5975 PKR for the spot rate, with a one-year forward of 961.8893 PKR, reflecting sustained demand. The Euro (EUR) slipped to 325.1489 PKR in the spot market, with forward rates climbing to 345.0563 PKR for one year. The Bahraini Dinar (BHD) stood at 744.8332 PKR, progressing to 773.5810 PKR in the one-year tenor. The British Pound (GBP) traded at 369.1180 PKR, with its one-year forward rate at 384.9664 PKR, showing steady forward premium growth. The Turkish Lira (TRY) was recorded at 6.6830 PKR for the spot rate, decreasing to 6.2836 PKR over one year, suggesting a depreciation trend in forward premiums.Analysts link the USD’s minor weakening and the EUR’s modest drop to global economic variations, while consistent remittance inflows continue to bolster the PKR. Gulf currencies retain their robustness, supported by stable regional economic conditions. The forward premiums indicate a cautious outlook for the PKR, with potential impacts from global monetary policies, notably from the US Federal Reserve.Other currencies’ spot rates included: Japanese Yen (JPY) at 1.8155 PKR, Swiss Franc (CHF) at 351.0538 PKR, Australian Dollar (AUD) at 183.5131 PKR, Canadian Dollar (CAD) at 200.4446 PKR, Swedish Krona (SEK) at 29.6904 PKR, Norwegian Krone (NOK) at 27.9333 PKR, Danish Krone (DKK) at 43.5133 PKR, Singapore Dollar (SGD) at 216.1054 PKR, New Zealand Dollar (NZD) at 159.0587 PKR, Malaysian Ringgit (MYR) at 67.7736 PKR, Hong Kong Dollar (HKD) at 36.1253 PKR, Indian Rupee (INR) at 3.1687 PKR, South African Rand (ZAR) at 16.4532 PKR, Omani Riyal (OMR) at 729.4168 PKR, Bangladeshi Taka (BDT) at 2.2995 PKR, Brazilian Real (BRL) at 53.1014 PKR, Argentine Peso (ARS) at 0.1978 PKR, Chinese Yuan (CNY) at 39.4514 PKR, Sri Lankan Rupee (LKR) at 0.9289 PKR, Thai Baht (THB) at 8.6944 PKR, Indonesian Rupiah (IDR) at 0.0169 PKR, Mexican Peso (MXN) at 15.3323 PKR, Russian Rubles (RUB) at 3.4659 PKR, South Korean Won (KRW) at 0.1914 PKR, and Offshore Chinese Yuan (CNH) at 39.4330 PKR. Consistent with prior trends, BDT, BRL, and ARS lack forward rates beyond the spot market. Key Spot Rates (PKR)CurrencySpot Rate1-Year ForwardUSD280.7728292.9913EUR325.1489345.0563GBP369.1180384.9664SAR74.871277.5512AED76.445979.8733QAR77.038180.3657KWD914.5975961.8893TRY6.68306.2836