{"id":9399,"date":"2023-09-30T14:10:10","date_gmt":"2023-09-30T14:10:10","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/pakistani-rupee-set-to-become-top-performing-currency-globally-the-express-tribune\/"},"modified":"2023-09-30T14:10:10","modified_gmt":"2023-09-30T14:10:10","slug":"pakistani-rupee-set-to-become-top-performing-currency-globally-the-express-tribune","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/pakistani-rupee-set-to-become-top-performing-currency-globally-the-express-tribune\/","title":{"rendered":"Pakistani rupee set to become top-performing currency globally | The Express Tribune"},"content":{"rendered":"
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\nISLAMABAD:
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Pakistani currency is set to become the top performer globally this month as government crackdown on the illegal dollar trade helped reverse its fortunes, Bloomberg<\/em> <\/a>reported on Thursday.<\/p>\n

According to the report, 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.<\/p>\n

The currency rose 0.1% to Rs287.95 per dollar on Thursday, after sliding to a record-low of about Rs307 this month. \u201cMany leakages were happening through illegal channels of hawala<\/em> and hundi<\/em> trade from the open market,\u201d Khurram Schehzad, Chief Executive Officer of Alpha Beta Core Solutions Pvt. Ltd, a financial consultancy in Karachi told Bloomberg<\/em>.<\/p>\n

Read more:\u00a0Rupee breaches Rs290 mark against US dollar<\/a><\/strong><\/p>\n

Hawala<\/em> and hundi<\/em> are an informal system of fund transfer common in South Asia.<\/p>\n

\u201cWhen the dollar rate reverses everybody, the hoarders, the exporters who are holding their export proceeds, start selling their dollars,\u201d Schehzad said.<\/p>\n

According to the report, the government intensified efforts by running after people involved in the illegal dollar trade that helped the currency.<\/p>\n

The central bank also raised the capital requirements of smaller exchange companies and ordered large banks to open their own exchange companies to make the retail foreign-exchange market more transparent and easier to monitor.<\/p>\n<\/div>\n