Karachi, September 14, 2023 – The value of the US dollar continues to decrease in midday interbank trading, bringing positive news for Pakistan’s economy.
During today’s trading, the dollar fell by PKR 1.32 to PKR 297.50 compared to the previous day’s closing rate of PKR 298.82 in the interbank foreign exchange market.
READ MORE: PKR Makes Sixth Straight Gain Against US Dollar on September 13
This impressive turnaround in the Pakistani Rupee (PKR) began on September 5, 2023, when it reached an all-time low of PKR 307.10 against the USD. In just one week, the local currency has made a strong recovery, increasing by PKR 7.21 or 2.35 percent, culminating in its robust performance on September 14, 2023.
Currency experts credit this remarkable shift to several factors, with one of the most significant being the government’s determined efforts to crack down on illegal currency traders and hoarders. This increased vigilance has led to a substantial influx of US Dollars into the formal banking system, which has, in turn, strengthened the PKR.
READ MORE: US Dollar Weakens to PKR 298.50 in Intraday Interbank Trading on September 13
Exporters have also played a vital role in the PKR’s resurgence. They are converting their USD holdings into PKR through various banking channels, creating higher demand for the Pakistani currency.
This recent strengthening of the PKR comes as a welcome relief after struggling against the USD earlier this month. Swift government actions against illicit currency activities have clearly paid off, resulting in a substantial recovery for the PKR.
READ MORE: Pakistani Rupee Surges Against the Dollar, Ending at PKR 301.16
The currency market remains dynamic, and experts are closely monitoring the situation as it unfolds. The resurgence of the PKR against the USD is seen as a positive development for Pakistan’s economy. A stronger local currency has the potential to 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 performance of the Pakistani Rupee in the foreign exchange market remains a subject of great interest for investors, businesses, and policymakers alike.
READ MORE: PKR Expected to Maintain Recovery Against Dollar Next Week
For the most current information on the PKR-USD exchange rate and other financial news, we recommend staying informed through reliable sources and consulting financial experts within Pakistan.
