In recent times, the Pakistani rupee has earned recognition as the world’s top-performing currency against the USD, with an impressive appreciation of nearly 10 percent.
The greenback depreciated by Rs1 in the interbank market, closing at Rs280.50. The decline in the value of the dollar can be attributed to the government’s crackdown on dollar smuggling and hoarding, a campaign that has received strong support from the military leadership. Their joint effort aims to eliminate various illegal activities that have been causing economic losses.
In the interbank market, the US dollar dropped to a six-month low against the Pakistani rupee on Monday, marking the 23rd consecutive recovery session for the rupee, resulting in a remarkable 9.0% increase, or PKR 25.4, since September 5, 2023. This streak of positive sessions against the dollar is the longest in recent memory.