The Pakistani rupee (PKR) has been on a remarkable upswing, with the USdollar (USD) experiencing a significant decline of 4.02 rupees in interbanktrading this week, owing to increased efforts to combat hoarding andsmuggling, according to ARY News.
In the preceding week, the greenback stood at 291.76 rupees, but it saw anoteworthy drop of 4.02 rupees during interbank trading this week,ultimately closing at 287.74 rupees.
This trend of the US currency’s depreciation against the Pakistani rupeehas persisted in the open market for several weeks since the start ofSeptember. Over the course of just one week, the USD plummeted by 5.50rupees in the open market, transitioning from 293.50 to 288 PKR.
As the US dollar weakens, other foreign currencies have also witnessed adecrease in their values in the open currency market. In the span of asingle week, the Euro depreciated by 9 rupees, sliding from 315 to 306Pakistani rupees. The British Pound Sterling experienced an even moresubstantial loss, dropping by 18 rupees, settling at 353 from its previousrate of 371 rupees.
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Furthermore, the Saudi Riyal followed suit, declining by 2.50 rupees to76.20 from 78.70 rupees. The Emirates dirham also faced a decrease of threerupees, closing at 79.80 from its earlier rate of 82.80 rupees over theweekend.
This strengthening of the Pakistani rupee in relation to the US dollar hasbeen occurring in the open market while maintaining a narrow gap with theinterbank market, which aligns with the limits stipulated by theInternational Monetary Fund (IMF). The rise of the rupee against the dollaris attributed to a nationwide crackdown against illegal currency activitiesconducted by law enforcement agencies.