The Pakistani rupee (PKR) is showing signs of recovery against the US Dollar. This positive trend is due to the crackdown on speculators, hoarders, and smugglers.
Pakistani rupee gaining Rs. 14 against the US dollar in just 12 sessions, it means that within a span of 12 trading days, the value of the rupee increased by Rs. 14 compared to the US dollar. This indicates a significant strengthening of the Pakistani currency in a relatively short period. The number of sessions can vary depending on the specific market and exchange rate fluctuations. It’s worth noting that currency exchange rates are influenced by various factors, including market demand, economic indicators, geopolitical events, and government policies. Monitoring these sessions and their impact on exchange rates can provide valuable insights for individuals and businesses involved in international trade, travel, or financial transactions.
In the interbank market, the PKR gained 90 more paisa compared to the previous closing, reaching PKR 292.95/293 per USD. In the open market, it is being traded at PKR 294/298 per USD. With continued efforts against dollar smuggling, it is expected that the PKR may reach 250 against the greenback in the near future. Additionally, improved transparency and measures against smuggling are anticipated to enhance remittance inflows to $2.2 billion. This is all positive news for the Pakistani economy.