Karachi, September 21, 2023 – The Pakistani Rupee (PKR) continued its remarkable winning streak for the 12th consecutive session against the US Dollar on Thursday, as the exchange market witnessed a gain of PKR 1.10 in the rupee’s value.
The day concluded with the PKR trading at PKR 292.78 to the US Dollar, a significant improvement from the previous day’s closing rate of PKR 293.88 in the interbank foreign exchange market.
This sustained appreciation marks the 12th consecutive session of the PKR gaining ground against the US Dollar since its record low of PKR 307.10 on September 5, 2023.
Currency experts attribute this impressive resurgence to a combination of factors, with significant credit given to the government’s unwavering efforts to combat currency smuggling and hoarding. This 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 choosing to convert their US dollar holdings into PKR through official banking channels, further increasing 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 continues, 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, it is advisable to stay informed through reliable sources and consult financial experts within Pakistan.