Pakistan’s real exchange rate strengthens to 104.8 as rupee holds firm

Pakistan's Real Effective Exchange Rate (REER) index rose to 104.8 in November 2025, up from 103.9 in October, according to the latest data from the State Bank of Pakistan (SBP). Similarly, the Pakistani rupee edged up 0.01% against the US dollar, closing at 280.27 in the inter-bank market on Wednesday. Furthermore, the SBP held an auction for Pakistan Investment Bonds (Fixed Rate), with settlement scheduled for December 18, 2025, covering two-year (zero coupon), three-year, five-year, 10-year, and 15-year (zero coupon) tenors. Total bids stood at Rs2.488 trillion in face value, while competitive acceptance amounted to Rs406.81 billion. Including non-competitive bids of Rs28.657 billion and short selling of Rs9.5 billion (primarily in two-year tenor), the government raised a total of Rs444.967 billion in face value.