KARACHI : (HRNW) – The Pakistani Rupee (PKR) gained slightly against the US Dollar (USD) during Thursday’s interbank session, as the State Bank of Pakistan (SBP) released today’s Market-to-Market currency rates.
Dollar and Other Currency Rates Today in Pakistan – November 20, 2025
Key Currency Rates
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US Dollar (USD) – 280.65 (spot)
The greenback fell by 6 paisa, reducing its November gain to just 9 paisa and maintaining the 279–282 range seen since late October. One-week forwards stand at 280.85, indicating minimal carrying cost of 0.08%, showing that liquidity is balanced and the central bank is not actively intervening.
A senior dealer commented: “Exporters sell above 281, while oil importers buy below 280.50. This balance looks stable until the next IMF review.” -
Saudi Riyal (SAR) – 74.83
The Riyal eased by 2 paisa, trimming its monthly gain to 5 paisa. Forward premiums remain below 3.5% annualized, keeping Hajj remittance hedging affordable. Exchange houses in Karachi report strong walk-in demand from pilgrims seeking to lock in rates before the December rush. -
UAE Dirham (AED) – 76.42
The Dirham slipped 1 paisa, with a six-month forward at 77.74, translating to 3.4% annualized PKR softness. Treasury desks note more UAE-based employers are sending salaries through official channels, supporting PKR stability. -
Qatari Riyal (QAR) – 77.00
QAR lost 1 paisa, trading at a 1.6% premium over SAR due to cross-rate differences rather than Pakistan-specific factors. One-year forward is 80.31, reflecting a 4.3% annualized PKR depreciation. -
Kuwaiti Dinar (KWD) – 913.10
The dinar eased Rs2.2, with a twelve-month forward at 960.29, implying 5.2% annualized Rupee weakness, slightly higher due to lower liquidity rather than macro concerns. -
Bahraini Dinar (BHD) – 744.41
BHD fell 13 paisa, six-month forward is 755.33, annualized 2.9%. Dealers do not expect a breakout from the 740–750 range this fiscal year. -
Australian Dollar (AUD) – 181.69
The Aussie touched a two-month low as iron-ore futures dropped under $100/t and the RBA signaled a December pause. One-year forward is 189.59, showing 4.3% PKR depreciation, largely driven by commodity price swings. -
Canadian Dollar (CAD) – 199.63
The Loonie fell below 200, with twelve-month forwards at 211.44, indicating 5.9% annualized PKR weakness. Traders expect any further drop to be limited by seasonal import demand.
Other Major Currencies – Quick Snapshot
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Euro (EUR): 323.30, down 1.9% since Monday; one-year forward 343.21, 6.2% annualized PKR weakness.
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British Pound (GBP): 366.84, little movement after BoE signals.
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Japanese Yen (JPY): 1.78 per unit; forwards indicate 7.8% annualized PKR decline.
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Swiss Franc (CHF): 348.10
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Singapore Dollar (SGD): 214.66
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Swedish Krona (SEK): 29.38
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Norwegian Krone (NOK): 27.55
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Danish Krone (DKK): 43.29
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New Zealand Dollar (NZD): 157.35
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Chinese Yuan (CNY): 39.44
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Turkish Lira (TRY): 6.62
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Russian Ruble (RUB): 3.48
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Indian Rupee (INR): 3.17
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Bangladeshi Taka (BDT): 2.29
All remain within familiar trading ranges, reflecting no immediate market risks ahead of the IMF’s Q1 2026 review.
Market Outlook
Narrow forward premiums, ranging just 5–6% even for less-liquid currencies, indicate confidence in the State Bank’s ability to maintain PKR stability during the winter remittance season.
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Foreign reserves increased by $1.5 billion in six weeks, reaching $14.8 billion.
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The Real Effective Exchange Rate (REER) dropped to 98.2 in October, viewed by the IMF as “competitive but not undervalued.”
Unless crude oil prices spike above $90 or political uncertainties disrupt IMF programs, traders expect USD/PKR to remain between 279–282 for the rest of 2025, with other major currencies following the same trend.
