ISLAMABAD: The State Bank of Pakistan (SBP) on Thursday published its latest mark-to-market (M2M) exchange rates for major international currencies against the Pakistani Rupee (PKR), providing guidance for authorized foreign exchange dealers to revalue their books.
The US Dollar (USD) traded at 280.8228 PKR in the spot market, with a one-year forward rate of 293.1168 PKR, reflecting minor depreciation. The Euro (EUR) stood at 324.0274 PKR, rising to 343.9621 PKR over one year, while the British Pound (GBP) was quoted at 368.5659 PKR, with its one-year forward at 384.3190 PKR.
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Other major currencies included the Saudi Riyal (SAR) at 74.8741 PKR, UAE Dirham (AED) at 76.4560 PKR, Qatari Riyal (QAR) at 77.0497 PKR, and Kuwaiti Dinar (KWD) at 914.7025 PKR. Forward rates for these currencies showed a steady upward trend over the next year, indicating sustained demand.
Analysts attributed the USD’s slight softening and the Euro’s minor decline to global economic fluctuations, while consistent remittance inflows continue to support the PKR. The SBP also reported spot rates for other currencies, including the Japanese Yen (JPY) at 1.8303 PKR, Chinese Yuan (CNY) at 39.4292 PKR, Indian Rupee (INR) at 3.1659 PKR, and Australian Dollar (AUD) at 182.1136 PKR.
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The M2M rates are crucial for financial institutions and businesses to manage foreign exchange risk and ensure accurate accounting for cross-border transactions. Forward rates provide insight into market expectations for currency trends over the coming year.