The American currency has continued its downward trajectory against thelocal unit, with the latest exchange rate of the US Dollar (USD) to PKRreaching Rs280.60. This marks a significant decrease of Rs1.05 compared tothe previous day’s closing rate of Rs281.65.
One noteworthy factor behind the Pakistani rupee’s recent strength is thesubstantial 6.1% gain it has experienced against the dollar throughout themonth of September. This impressive performance can be attributed to thevigorous crackdown by security agencies on illegal foreign exchange tradingwithin the grey and black markets.
The gains observed in September have effectively offset most of the lossesthat the rupee incurred in August, positioning it as one of thetop-performing currencies globally for the month.
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Notably, the rupee had hit an all-time low of 307.1 against the dollar onSeptember 5th. However, it made a remarkable recovery in the days thatfollowed, thanks to proactive measures taken by the country’s financialregulatory authorities and security agencies to curtail black marketactivities.