The Pakistani Rupee (PKR) has continued its upward trajectory against the US Dollar for the eighth consecutive session.
The PKR closed at PKR 296.85 to the dollar, marking a substantial gain of PKR 1.11 compared to the previous day’s closing rate of PKR 297.96 in the interbank foreign exchange market.
The recent resurgence of the PKR follows its all-time low of PKR 307.10 on September 05, 2023. In just a short period, the Pakistani Rupee has gained PKR 10.25 in value.
READ MORE: Pakistani Rupee Extends Winning Streak, Dollar Falls to PKR 297.96
Currency experts attribute this extraordinary turnaround to a combination of factors, with a significant impact stemming from the government’s relentless crackdown on currency smuggling and hoarding. This intensified effort has led to a substantial influx of US Dollars into the formal banking system, ultimately strengthening the PKR.
Exporters have also played a pivotal role in bolstering the PKR’s resurgence. They 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 after a challenging period of struggle against the US Dollar. The swift and proactive measures taken by authorities to combat illicit currency activities have clearly paid off, resulting in a substantial recovery for the PKR.
READ MORE: PKR Makes Sixth Straight Gain Against US Dollar on September 13
While the dynamics of the currency market remain fluid and subject to change, experts are vigilantly monitoring the situation as it unfolds. The PKR’s resurgence against the US Dollar is seen 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.
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.
READ MORE: US Dollar Weakens to PKR 298.50 in Intraday Interbank Trading on September 13
