• Download the Constitution of Pakistan
  • Advertise
Saturday, May 10, 2025
  • Login
NEWSLETTER
ECONOMY
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
ECONOMY
No Result
View All Result
Home Business

Why Pakistan’s rupee has soared the most against the US dollar among global currencies

by News Publishing
October 19, 2023
in Business
Reading Time: 1 min read
0
Why Pakistan's rupee has soared the most against the US dollar among global currencies
Share on FacebookShare on TwitterLinkedinWhatsapp

The Pakistani rupee has been doing well, gaining 8% recently. It went from being worth 307 against the US dollar to 275. In September, it was the best-performing currency globally, thanks to actions taken by the Pakistani government to curb illegal dollar transactions.

The government’s crackdown on illicit dollar trading helped the rupee rebound. Before the crackdown, people were buying and selling dollars in informal markets, which was hurting the rupee’s value. To address this, Pakistan’s Federal Investigation Agency conducted operations, closing down these informal exchanges and arresting those involved.

As a result of these actions, the demand for the rupee increased. Pakistani banks reported more remittances and money coming into the country.

However, the long-term outlook for the rupee is uncertain because Pakistan faces economic challenges. The country has significant debt, its GDP is expected to shrink in fiscal year 2023, and its foreign reserves are dwindling. Additionally, Pakistan is dealing with very high inflation, which hit a multi-decade high, partly due to the rupee’s earlier weakness.

Despite these challenges, the stronger rupee is good news for Pakistani consumers.

Tags: global currenciesPakistan's rupeeUs Dollar
News Publishing

News Publishing

Related Posts

Export of services rises to $6.2bn in July-March

Export of services rises to $6.2bn in July-March

by News Publishing
May 9, 2025
0

Pakistan’s exports of services rose by 9.85% to $6.24 billion during the first nine months (July–March) of fiscal year 2024-25,...

Jets

CAC Stock Soars After PAF Downs Indian Rafales

by Anum Arif
May 7, 2025
0

Shares of China’s Chengdu Aircraft Corporation (CAC), the manufacturer of the JF-17 and J-10C fighter jets, surged more than 17%...

Pakistan's goods exports reach $26.86bn after over 6% surge

Pakistan’s goods exports reach $26.86bn after over 6% surge

by News Publishing
May 3, 2025
0

Pakistan's goods exports have climbed to $26.86 billion in the first ten months of the fiscal year 2024–25, marking a...

Bullish trend returns to PSX with over 2,800-point surge

Bullish trend returns to PSX with over 2,800-point surge

by News Publishing
May 2, 2025
0

The Pakistan Stock Exchange (PSX) witnessed a powerful rebound on Friday, with the benchmark KSE-100 Index soaring more than 2,800...

Pakistan introduces independent electricity market system

Pakistan introduces independent electricity market system

by News Publishing
May 1, 2025
0

In a landmark move aimed at reforming the country’s electricity sector, Pakistan has introduced a new independent power market system...

PM Calls for Transparency in PIA Privatization

by Anum Arif
April 25, 2025
0

Islamabad – April 25, 2025Prime Minister of Pakistan has emphasized that transparency must remain the top priority in the ongoing...

Next Post
Apple iPhone 11 and 12 PTA Tax price update in Pakistan

Update PTA Tax Prices for Apple iPhone 11 and 12 Series in Pakistan

About Us

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Important Categories

  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • YouTube
  • Linkedin
  • TikTok
  • WhatsApp
  • About
  • Advertise
  • Careers
  • Contact

© 2024 Economy.pk - Web Development by Digital Otters

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

© 2024 Economy.pk - Web Development by Digital Otters