Karachi, September 11, 2023 – The Pakistani Rupee (PKR) demonstrated remarkable strength against the US dollar by closing at PKR 301.16 in the interbank foreign exchange market, marking the fourth consecutive session of appreciation.
This impressive recovery saw the rupee gaining PKR 1.79 against the dollar compared to last Friday’s closing rate of PKR 302.95 in the interbank foreign exchange market. The surge in value follows a recent low point of PKR 307.10 on September 5, 2023, where the rupee had reached an all-time low.
READ MORE: PKR Expected to Maintain Recovery Against Dollar Next Week
Experts in the currency market attribute this extraordinary rebound of the rupee to a comprehensive crackdown initiated by authorities against illegal currency activities, including hoarding, smuggling, and black market trading. These concerted efforts have not only contributed to stabilizing the exchange rate but have also made the official exchange rate more attractive and reliable for traders and investors.
The increased demand for PKR can be attributed to sellers eager to convert their US dollar holdings into the local currency, given the renewed confidence in the official exchange rate. The intensified crackdown on illegal currency activities has created an environment where transparency and adherence to the official exchange rate are prioritized, effectively discouraging black market trading.
READ MORE: PKR Appreciates by 8% to US Dollar in Open Market Amid Massive Crackdown
This surge in the rupee’s value comes in the wake of Pakistan’s announcement of a comprehensive crackdown against illegal currency smuggling and hoarding. The initiative gained momentum following a meeting between Army Chief General Syed Asim Munir and influential business figures in Lahore and Karachi.
During the meeting, General Munir reaffirmed his commitment to fostering transparency in dollar exchange rates and interbank operations, which has reassured the business community.
READ MORE: PKR Maintains Winning Streak Against Dollar for Third Consecutive Day at Interbank
The ongoing efforts to combat illegal currency activities and promote transparency in the foreign exchange market have played a pivotal role in restoring confidence in the local currency. The authorities’ vigilance and unwavering commitment to enforcing these measures have been instrumental in achieving the sharp recovery of the PKR’s value, not only in intraday trading but also in the broader financial landscape.
READ MORE: Pakistani Rupee Makes Sharp Recovery to End at PKR 304.94 to the Dollar
As a result, the continued strength of the PKR against the dollar is expected to further bolster Pakistan’s economic stability and international trade prospects, providing a positive outlook for the country’s financial future.
