Karachi, September 12, 2023 – The US dollar continued its downward trajectory against the Pakistani Rupee (PKR) on Tuesday, reaching PKR 299 in intraday interbank foreign exchange trading.
This marks a remarkable drop of PKR 2.16 from the previous day’s closing rate of PKR 301.16 in the interbank foreign exchange market.
Currency experts have attributed this dramatic shift to multiple factors, with the most prominent being the relentless crackdown launched by authorities against currency smugglers and hoarders. This intensified effort to curb illegal currency trading has led to a substantial influx of dollars into the banking system, subsequently strengthening the PKR.
Additionally, exporters are actively participating in this trend by converting their dollar holdings into PKR through various bank counters. This increased demand for PKR is further contributing to its rise against the US dollar.
This recent rally in the PKR’s value follows a series of notable events. The local currency had been struggling against the greenback, hitting an all-time low of PKR 307.10 on September 5, 2023. However, the swift actions taken by authorities to combat currency-related illegal activities have proven effective, resulting in a significant recovery for the PKR.
The currency market’s dynamics remain fluid, with experts closely monitoring the situation as it unfolds. The PKR’s resurgence against the US dollar is being viewed as a positive development for Pakistan’s economy, as a stronger local currency can help stabilize prices, reduce inflationary pressures, and boost investor confidence.
As the crackdown against currency smuggling and hoarding continues, and with exporters opting for official channels, the Pakistani Rupee’s performance in the foreign exchange market will remain a topic of keen interest for investors, businesses, and policymakers alike.
For the latest updates on the PKR-USD exchange rate and other financial news, stay tuned to reliable sources and financial experts in Pakistan.