In the latest financial development, the US dollar exhibited a continued upward trend, strengthening its position against the local currency with a notable increase of 60 paisas in interbank trading on Friday. The new exchange rate now stands at Rs287.50 for one US dollar in the interbank market.
Forex traders reported that the Pakistani rupee experienced a depreciation trend on the last trading day of the current business week, highlighting ongoing challenges for the local currency.
Despite the rupee’s commendable performance in September this year, where it showed resilience after concerted efforts, including crackdowns and short-term economic measures, the recent depreciation indicates persisting pressure.
Throughout September, the Pakistani authorities implemented various measures to boost the local economy and stabilize the value of the rupee. Notably, actions were taken to address illicit financial activities, such as cracking down on individuals involved in hawala/hundi businesses across the country.
Despite these efforts, the rupee’s struggle against the US dollar signals the need for sustained measures to address underlying economic challenges. The continued depreciation, even after the positive performance earlier in September, underscores the complex dynamics at play in the currency exchange market.
The financial community will be closely monitoring developments in the coming weeks to assess the impact of economic policies on the exchange rate and to determine potential avenues for further stabilization.
As global economic conditions fluctuate, the resilience of the Pakistani rupee against external pressures remains a critical aspect of the country’s economic landscape.
