Pakistan’s rupee has emerged as the top performing currency globally this month, thanks to the government’s crackdown on illegal dollar trade. The rupee experienced a significant surge of almost 6% in September, a noteworthy achievement considering most currencies, such as the Thai baht and South Korean won, declined against the dollar due to speculation that US interest rates would remain high for a longer period. Despite hitting a record low of approximately 307 per dollar earlier this month, the currency managed to rally and is currently trading at 287.95 per dollar.
This upward trend in the rupee’s value reflects the positive impact of the Pakistani government’s efforts to combat illegal dollar trading. By cracking down on such activities, the authorities have not only restricted the flow of illicit funds but also stabilized the currency’s performance. This significant boost in the rupee’s value will bring relief to Pakistani businesses and individuals, as it will improve their purchasing power and contribute to overall economic stability.
However, it is important to note that Pakistan’s currency market remained closed for a public holiday on Friday, indicating that further developments in the rupee’s performance may be observed once trading resumes. Nevertheless, the rupee’s remarkable turnaround demonstrates the potential for the government’s strict measures to bring positive outcomes for the country’s currency and economy.