Pakistani Rupee Set to Become World’s Best Performing Currency in September

The Pakistani Rupee (PKR) rose for the seventeenth consecutive session against the US Dollar (USD) in the interbank market on Thursday on its way to claiming the title of the best-performing currency in the world in September. The local currency gained Rs. 1.01 against the greenback at the close of today’s session. The PKR appreciated by 0.35 percent against the USD and closed at Rs. 287.74 today. This is rupee’s best closing since August 10 i.e. in seven weeks. The PKR has depreciated by over 21 percent in the current calendar year and has also depreciated just over 0.6 percent in the current financial year. However, the current month saw the PKR gain over 6 percent. It is pertinent to mention here that the USD hit a 10-month high against a basket of major currencies on Wednesday while most of the other currencies have also lost ground against the greenback during September. The PKR also appreciated against all other major currencies in the interbank market today. 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). The PKR also appreciated by Rs. 0.56 against the Canadian Dollar (CAD), Rs. 0.27 against the UAE Dirham (AED), and Rs. 0.26 the Saudi Riyal (SAR).