Pakistani Rupee smashes significantly all major currencies
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The Pakistani rupee (PKR) has been on a remarkable upswing, with the US dollar (USD) experiencing a significant decline of 4.02 rupees in interbank trading this week, owing to increased efforts to combat hoarding and smuggling, according to ARY News.
In the preceding week, the greenback stood at 291.76 rupees, but it saw a noteworthy 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 rupee has persisted in the open market for several weeks since the start of September. Over the course of just one week, the USD plummeted by 5.50 rupees in the open market, transitioning from 293.50 to 288 PKR.
As the US dollar weakens, other foreign currencies have also witnessed a decrease in their values in the open currency market. In the span of a single week, the Euro depreciated by 9 rupees, sliding from 315 to 306 Pakistani rupees. The British Pound Sterling experienced an even more substantial loss, dropping by 18 rupees, settling at 353 from its previous rate of 371 rupees.
Furthermore, the Saudi Riyal followed suit, declining by 2.50 rupees to 76.20 from 78.70 rupees. The Emirates dirham also faced a decrease of three rupees, closing at 79.80 from its earlier rate of 82.80 rupees over the weekend.
This strengthening of the Pakistani rupee in relation to the US dollar has been occurring in the open market while maintaining a narrow gap with the interbank market, which aligns with the limits stipulated by the International Monetary Fund (IMF). The rise of the rupee against the dollar is attributed to a nationwide crackdown against illegal currency activities conducted by law enforcement agencies.
