The Pakistani rupee recovered after falling to its historical low and became the leader among world currencies in terms of strength in September 2023. TV channel reports this CNBC.
The rupee fell to a record low of 307 per dollar in early September, according to LSEG data. Since then, the currency has strengthened more than 8% to 275 per dollar. This happened thanks to the authorities’ tough measures against illegal dollar trade. According to media reports, raids were carried out on foreign exchange offices in the country that carried out undocumented foreign exchange transactions.
The Pakistani government should focus on promoting exports and attracting foreign direct investment, according to Tahir Abbas, head of research at securities broker Arif Habib. This will increase the demand for the rupee and further strengthen the exchange rate.
Steve Hanke, professor of applied economics at Johns Hopkins University, states that the rupee is affected by geopolitical and local factors. However, its strengthening will help control inflation, which has reached 31.4% annually in Pakistan.
It became the world’s most profitable currency at the end of September known Afghan Afghan.
Previously Yuan passed Euro by trading volumes on SWIFT.