Pakistani Rupee Tops Global Currency Performance in September

Web DeskSeptember 28, 2023
Pakistani Rupee Tops Global Currency Performance in September

The Pakistani Rupee (PKR) continued its remarkable streak, rising for the seventeenth consecutive session against the US Dollar (USD) in the interbank market on Thursday, solidifying its position as the best-performing currency worldwide for the month of September.

In today’s session, the local currency appreciated by Rs. 1.01 against the greenback, marking a 0.35 percent gain. The PKR closed at Rs. 287.74 against the USD, achieving its strongest closing rate since August 10, which translates to seven weeks of positive performance.

It’s worth noting that the PKR had experienced a depreciation of over 21 percent in the current calendar year and a modest depreciation of just over 0.6 percent in the current financial year. However, September witnessed an impressive turnaround, with the PKR gaining more than 6 percent during the month.

Also Read: Expected Decline in Petroleum Prices as Rupee Strengthens

It’s worth highlighting that the USD reached a 10-month high against a basket of major currencies on Wednesday, and many other currencies worldwide have also depreciated against the USD during September.

In addition to its gains against the USD, the PKR also appreciated against other major currencies in the interbank market today. It gained Rs. 2.58 against the Euro (EUR), Rs. 0.85 against the British Pound (GBP), and Rs. 0.87 against the Australian Dollar (AUD).

Furthermore, the PKR also strengthened by Rs. 0.56 against the Canadian Dollar (CAD), Rs. 0.27 against the UAE Dirham (AED), and Rs. 0.26 against the Saudi Riyal (SAR).

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