The Pakistani rupee is on a roll, beating international currencies like the US dollar. As the US currency falls to its lowest level in six months, this surge occurs.
The US dollar fell 5.50 rupees this week in interbank trade. This indicates you would have 5.50 rupees more if you had 5.50 US dollars. The US dollar, known as the greenback, concluded the week at 282.69 rupees, down from 287.74 the week before.
The open market gave foreign currency investors more positive news. The US dollar fell 6.50 rupees to 281.50 from 288. The US dollar has been falling against the Pakistani rupee for weeks since September.
This tendency affects more than just the US dollar. In the currency market, other foreign currencies are falling. One week, the Euro fell 8 rupees from 306 to 298 Pakistani rupees. The British Pound Sterling fell five rupees, from 353 to 348.
In one week, Saudi Riyal fell one rupee from 76.20 to 75.20. The Emirates dirham fell 2.60 rupees to 77.20 from 79.80 during the weekend.
In basic words, the Pakistani rupee’s appreciation versus foreign currencies has various ramifications. It might lower import prices, lowering inflation. A higher rupee may also attract international investment to Pakistan.