September 28, 2023 : Pakistan’s rupee is set to become the top performer globally this month as government crackdown on the illegal dollar trade helped reversed its fortunes.
The rupee surged almost 6% in September, a remarkable feat as most currencies including the Thai baht and South Korean won tumbled against the dollar on speculation US interest-rates will stay elevated for longer. The currency rose 0.1% to 287.95 per dollar on Thursday, after sliding to a record-low of about 307 this month. Pakistan’s currency market is closed for a public holiday on Friday.
Source:
Bloomberg
