Karachi, September 14, 2023 – The Pakistani Rupee (PKR) continued its remarkable winning streak against the US Dollar for the seventh consecutive session, closing at PKR 297.96 to the dollar, marking a significant gain of 86 paisas compared to Rs 298.82 in the interbank foreign exchange market.
The PKR’s recent surge comes after reaching an all-time low of PKR 307.10 on September 5, 2023. During this short period, the Pakistani Rupee has appreciated by PKR 9.14, equivalent to a remarkable 3 percent gain in the interbank foreign exchange market.
READ MORE: PKR Makes Sixth Straight Gain Against US Dollar on September 13
Currency experts attribute this unprecedented turnaround to a combination of factors, with one of the most impactful being the relentless crackdown initiated by authorities against currency smugglers and hoarders. This intensified effort to combat illegal currency trading has led to a substantial inflow of US Dollars into the formal banking system, subsequently strengthening the PKR.
READ MORE: US Dollar Weakens to PKR 298.50 in Intraday Interbank Trading on September 13
Furthermore, exporters have played an active role in bolstering the PKR’s resurgence. They are now increasingly converting their US dollar holdings into PKR through various official banking channels, thereby contributing to the rising demand for the Pakistani currency.
The recent rally in the PKR’s value is a welcome relief after 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 substantial recovery for the PKR.
READ MORE: PKR Records Fifth Consecutive Gain Against Dollar After Hitting Historic Low
While the currency market dynamics remain dynamic and subject to change, experts are closely monitoring the situation as it unfolds. The resurgence of the PKR against the US Dollar is viewed as a positive development for Pakistan’s economy, as a stronger local currency has the potential to stabilize prices, alleviate inflationary pressures, and boost investor confidence.
As the crackdown against currency smuggling and hoarding continues, and with exporters increasingly choosing official channels, the performance of the Pakistani Rupee in the foreign exchange market remains a topic of keen interest for investors, businesses, and policymakers alike.
READ MORE: Pakistani Rupee Surges Against the Dollar, Ending at PKR 301.16
For the most up-to-date information on the PKR-USD exchange rate and other financial news, we recommend staying informed through reliable sources and consulting financial experts within Pakistan.
