PKR becomes top-performing currency globally

In a remarkable streak, the Pakistani Rupee (PKR) continued its ascent against the US Dollar (USD) for the seventeenth consecutive session in the interbank market, solidifying its claim as the top-performing currency globally throughout September.

At the end of today’s trading session, the local currency saw a noteworthy gain of Rs. 1.01 against the USD, marking a 0.35 percent appreciation, with the PKR closing at Rs. 287.74. This closing rate stands as the rupee’s strongest performance since August 10, a period spanning seven weeks.

Despite experiencing a cumulative depreciation of over 21 percent in the current calendar year, and a slight depreciation of just over 0.6 percent in the current financial year, September has seen a remarkable turnaround for the PKR, with an impressive gain of over 6 percent.

It’s worth noting that the USD achieved a 10-month high against a basket of major currencies on Wednesday, making the PKR’s consistent ascent all the more noteworthy. Furthermore, during September, most other major currencies also yielded ground to the USD.

In a testament to its strength, the PKR displayed appreciation against all other major currencies in the interbank market on the same day. 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).

Additionally, the PKR showed resilience against other currencies, appreciating 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).

This remarkable performance underscores the PKR’s resurgence in the currency markets, defying earlier trends and outperforming major global currencies throughout the month of September.

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