HomeFinance NewsPakistan Rupee to Outshine USD as Leading Global Currency in September

Pakistan Rupee to Outshine USD as Leading Global Currency in September

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In a surprising turn of events, Pakistan’s rupee is set to become the top-performing currency globally this month. The country’s government crackdown on the illegal dollar trade has played a significant role in reversing the fortunes of the rupee. During September, the rupee witnessed an impressive surge of almost 6%, while many other currencies, such as the Thai baht and South Korean won, experienced a decline against the dollar due to speculations of prolonged elevated US interest rates. Although the rupee temporarily hit a record-low of about 307, it has now rebounded and reached a rate of 287.95 per dollar on Thursday.

The unexpected recovery of the rupee is a testament to the effectiveness of Pakistan’s efforts to combat the illegal dollar trade. By cracking down on this activity, the government has successfully stabilized the currency and boosted investor confidence. This remarkable turnaround has defied the expectations of many experts, who believed that the rupee’s decline was inevitable amidst the global economic uncertainties caused by the ongoing pandemic.

While celebrating this achievement, it is essential to note that Pakistan’s currency market was closed for a public holiday on Friday. Nonetheless, the positive trajectory of the rupee in September indicates that the government’s measures have had a substantial impact. This appreciation of the rupee not only signifies economic resilience but also serves as a testament to the country’s ability to navigate turbulent times and overcome challenges.

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