Karachi, September 13, 2023 – The Pakistani Rupee (PKR) continued its sixth consecutive gain against the US dollar in the interbank foreign exchange market on Wednesday.
The exchange market witnessed a substantial increase of PKR 1.07 in the value of the rupee, closing at PKR 298.82 against the US dollar. This marked a significant improvement from the previous day’s closing rate of PKR 299.89.
READ MORE: US Dollar Weakens to PKR 298.50 in Intraday Interbank Trading on September 13
The local currency has been on a consistent upward trajectory against the US dollar since its all-time low of PKR 307.10 on September 5, 2023. During this period, the rupee has appreciated by PKR 8.28, equivalent to a gain of 2.70 percent in the interbank foreign exchange market.
Currency experts attribute this notable shift to a combination of factors, with one of the most influential being the relentless crackdown launched 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, consequently strengthening the PKR.
READ MORE: PKR Records Fifth Consecutive Gain Against Dollar After Hitting Historic Low
In addition to these efforts, exporters have actively contributed to the PKR’s resurgence. They are converting their US dollar holdings into PKR through various banking channels, thereby boosting the demand for the Pakistani currency.
The recent rally in the PKR’s value is a welcome relief after a period of struggle against the US dollar, which saw it reach an all-time low on September 5, 2023. The swift actions taken by authorities to combat illicit currency activities have evidently paid off, resulting in a substantial recovery for the PKR.
READ MORE: Pakistani Rupee Surges Against the Dollar, Ending at PKR 301.16
The dynamics of the currency market remain dynamic, and experts are closely monitoring the situation as it evolves. The resurgence of the PKR 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 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: PKR Expected to Maintain Recovery Against Dollar Next Week
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.
