Pakistani Rupee Strengthens Against US Dollar
The Pakistani rupee (PKR) continued its upward move this week, with the US dollar (USD) dropping to its lowest level in six months.The greenback closed at 282.69 rupees in interbank trading this week, down 5.50 rupees from the previous week. In the open market, the US dollar dropped by 6.50 rupees to close at 281.50 rupees.
The strengthening of the rupee is attributed to several factors, including a crackdown on dollar smuggling and illegal currency business by law enforcement agencies. Other foreign currencies, such as the euro, British pound sterling, and Saudi riyal, have also lost value against the rupee in recent weeks.
The narrow gap between the interbank and open market exchange rates is another positive sign for the Pakistani economy. It suggests that the rupee is gaining strength in the open market, which is a sign of confidence from investors and businesses.
The overall outlook for the Pakistani rupee is positive. The government's efforts to crack down on illegal currency business and improve the country's economic fundamentals are likely to support the rupee in the long term.
The overall outlook for the Pakistani rupee is positive. The government's efforts to crack down on illegal currency business and improve the country's economic fundamentals are likely to support the rupee in the long term.