Pakistani Rupee (PKR), in an unexpected turn of events, accomplished the world’s best performance in currency terms in September. This surprising increase in value vs the US Dollar (USD) is in the news and marks the seventeenth session in a row that PKR has been rising.
On September 28, 2023, it impressively increased by Rs. 1.01 in the interbank market. The PKR closed at an amazing Rs. 287.74, representing a rise of 0.35 percent gain. The rupee has risen significantly over the previous seven weeks, reaching its highest value since August 10.
While the Pakistani Rupee has seen tremendous devaluation this calendar year, losing more than 21% of its value, September’s story has been quite different. The PKR has managed to regain some of its lost ground in the current fiscal year, increasing by slightly over 0.6 percent. The PKR proved its strength by rising more over 6% versus the USD in September, which was the actual standout month.
When you take a look at the larger picture of the global economy, this amazing recovery is all the more stunning. A basket of key currencies saw the USD hit a 10-month high on Wednesday, indicating a good performance by the American currency. In contrast, most of the other currencies saw dollar depreciation throughout September. The PKR’s tenacity and fortitude in this demanding climate is evidence of its renewed vitality.
It should be noted that the PKR’s strong performance goes beyond its gains versus the USD. The PKR increased in value versus all other major currencies on the interbank market as well. It increased by Rs. 2.58, Rs. 0.85, and Rs. 0.87 in relation to the Euro (EUR), British Pound (GBP), and Australian Dollar (AUD), respectively.
Additionally, the PKR showed its strength by rising by Rs. 0.56, Rs. 0.27, and Rs. 0.26 versus the Canadian Dollar (CAD), UAE Dirham (AED), and Saudi Riyal (SAR), respectively.
The astonishing rise of the Pakistani Rupee to the position of best-performing currency in the world in September is a story of tenacity, tenacity, and economic competence. The PKR’s extraordinary comeback shows its capacity to not only survive storms but also prosper in difficult economic climates, despite experiencing substantial obstacles and depreciating tendencies earlier in the year. The globe is watching closely as the month comes to a close to see whether the PKR can keep up its momentum and continue to defy expectations in the months ahead.