Karachi, September 19, 2023 – The Pakistani Rupee (PKR) continued its impressive winning streak against the US Dollar on Tuesday, marking its tenth consecutive gain and appreciating to PKR 294.90 in the interbank foreign exchange market.
This remarkable surge in the local currency represents a significant appreciation of approximately 4 percent, equivalent to PKR 12.20, since its recent low of PKR 307.10 on September 5, 2023. The exchange rate witnessed a substantial gain of PKR 1.05 in rupee value, closing at PKR 294.90 to the dollar, compared to the previous day’s closing rate of PKR 295.95 in the interbank foreign exchange market.
Currency experts attribute this impressive turnaround to a combination of factors, with substantial credit accorded to the government’s relentless efforts to combat currency smuggling and hoarding. This concerted crackdown has resulted in a substantial influx of US Dollars into the formal banking system, effectively bolstering the PKR.
Exporters have played a pivotal role in strengthening the PKR’s resurgence. Many exporters are increasingly converting their US dollar holdings into PKR through official banking channels, thereby driving up the demand for the Pakistani currency.
The recent rally in the PKR’s value comes as a welcome relief following a challenging period of struggle against the US Dollar. The swift and proactive measures taken by authorities to combat illicit currency activities have evidently paid off, resulting in a significant recovery for the PKR.
While the currency market remains dynamic and subject to fluctuations, experts are vigilantly monitoring the situation as it unfolds. The PKR’s resurgence against the US Dollar is perceived as a positive development for Pakistan’s economy. A stronger local currency has the potential to stabilize prices, alleviate inflationary pressures, and boost investor confidence.
As the government’s crackdown against currency smuggling and hoarding persists, and with exporters increasingly favoring official channels, the performance of the Pakistani Rupee in the foreign exchange market continues to be a matter of keen interest for investors, businesses, and policymakers alike.
For the latest updates on the PKR-USD exchange rate and other financial news, we recommend staying informed through reliable sources and consulting financial experts within Pakistan.