The State Bank of Pakistan (SBP) has unveiled the latest mark-to-market (M2M) exchange rates for September 29, 2025, offering a crucial daily benchmark for authorized dealers revaluing their forex books.
According to the new SBP M2M exchange rates, the US Dollar (USD) edged down to 281.3539 PKR in the spot market, while its one-year forward climbed to 293.8104 PKR. The Saudi Riyal (SAR) stayed firm at 75.0177 PKR, reaching 77.8584 PKR in one year, and the UAE Dirham (AED) stood at 76.6006 PKR spot with a forward rate of 80.0737 PKR. Similarly, the Qatari Riyal (QAR) opened at 77.1933 PKR and rose to 80.5705 PKR for the one-year tenor.
The Kuwaiti Dinar (KWD) showcased its strength at 922.4718 PKR, with a forward of 967.5159 PKR, while the Euro (EUR) dipped to 329.6483 PKR, reaching 350.3973 PKR over a year. The British Pound (GBP) traded at 377.8583 PKR, advancing to 393.8343 PKR, and the Bahraini Dinar (BHD) stood at 746.1879 PKR, increasing to 775.7268 PKR.
Other notable SBP M2M exchange rates included: Japanese Yen (JPY) at 1.8931 PKR, Swiss Franc (CHF) at 352.9719 PKR, Canadian Dollar (CAD) at 202.1293 PKR, and Australian Dollar (AUD) at 184.7510 PKR. Asian and regional currencies also showed mixed performance, with the Chinese Yuan (CNY) at 39.5190 PKR, Indian Rupee (INR) at 3.1688 PKR, and Omani Riyal (OMR) at 730.7514 PKR.
Analysts note that the slight softening in USD and EUR reflects global economic adjustments, while resilient Gulf currencies highlight steady regional growth. The forward premiums in the latest SBP M2M exchange rates suggest a cautious yet stable outlook for the Pakistani Rupee, particularly under the shadow of potential US Federal Reserve policy changes.
