Karachi, September 29, 2023: The Pakistani rupee on Friday claimed the title of being the best-performing currency in the world for the month of September, after reaching a seven-week high against the US dollar, closing at the rate of Rs 287.74.
According to the State Bank of Pakistan (SBP) reports, the Pakistani rupee made significant progress against US dollar marking a 0.35 percent gain or Rs 1.01 on the third consecutive week of its upward trajectory.
The prominent financial firm Arif Habib Limited us its report declared that “During September 2023, the Pakistani rupee has emerged as the world’s top-performing currency.”
Meanwhile, the other strong currencies such as the Hong Kong dollar, and Canadian dollar posted gains of less than 1 percent. On the other hand, over thirty other currencies worldwide saw a decline of 0.1 percent to 6.2 percent throughout the month of September.
The exceptional performance of the Pakistani rupee has restored it to the pre-caretaker government levels, as the local currency demonstrated a cumulative increase – over the past 17 working days – with an impressive 6.73 percent rebounding from its record low of Rs 307.10 per US dollar on September 05, 2023.
The local research also predicts the further recovery of the Pakistani rupee against the US dollar, projecting that the rupee may strengthen to Rs278-280 per US dollar during the current cycle.
The crackdown has effectively eliminated black markets, bolstered foreign currency inflows through official channels, and assisted in the stabilization of foreign exchange reserves, which now stand at $7.80 billion.
