Pakistan Rupee Faces Gradual Depreciation Despite Stable Dollar

The State Bank of Pakistan (SBP) has released its latest report on currency rates for mark-to-market revaluation. According to the report, the US Dollar remains stable at Rs 277.52 in the spot market.

However, forward market indicators suggest a gradual depreciation of the Rupee over the coming year. The USD is expected to rise to Rs 291.95 in one year's time, indicating pressure on the local currency.

For residents and businesses living abroad, exchange rates for Gulf currencies are also crucial. Saudi Riyal (SAR) emerged as the most traded currency at Rs 73.9154 for the spot rate, while Kuwaiti Dinar (KWD) continues to hold a commanding position with a value of Rs 904.4249.

The British Pound Sterling (GBP) is the most valuable European currency, trading at Rs 378.4162 in the spot market and expected to reach Rs 397.61 in one year's time.