Pakistani Rupee: The title of the best performing currency globally this month seems to be going to the name of Pakistani rupee and it can become the top performing currency. Globally illegal dollar trade has worked to reverse the fortunes of this currency.
Pakistani rupee performed best against dollar in September
The Pakistani rupee has seen a rise of 6 percent in September and has performed the best against the dollar. The currency of Thailand and South Korea have fallen against the dollar this month. The main reason behind this was that interest rates in America are expected to remain high for a long time. On Thursday, a rise of 0.1 percent was seen in Pakistani currency and it went up to 287.95 per dollar against the dollar. In the same month, Pakistani rupee had fallen to the lowest level of Rs 307 against the dollar. Let us tell you that Pakistani currency market is closed on Friday i.e. 29 September 2023 due to public holiday.
Hoarders, exporters are selling dollars
“There were many leakages from the open market through illegal channels of hawala and hundi trading,” said Khurram Shahzad, chief executive officer of Alpha Beta Core Solutions Pvt Ltd. Hawala and Hundi are an informal system of fund transfer common in South Asia. Shahzad of Alpha Beta Core Solutions Pvt Ltd, a financial consultancy firm in Karachi, also said that “when the dollar rate reverses, hoarders, exporters who hold on to their export earnings, start selling their dollars. This has the effect of It is being seen as the rise of Pakistani currency.
Action intensified against people involved in illegal dollar trade in Pakistan
The government of Pakistan has intensified action against people involved in illegal dollar trade. The federal investigation agency raided offices across the country, while plainclothes security officers were deployed to money exchanges to monitor dollar sales. Prime Minister Anwar-ul-Haq Kakar said this week that “the rupee’s appreciation is fueling optimism for stability.”
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