On the back of a crackdown on smuggling and illegal exchanges, the Pakistani rupee emerged as the best-performing currency in the world in September.
The currency appreciated from Rs305.54 against the US dollar on August 31 to Rs287.74 on September 28 against the greenback, an increase of Rs17.8 or 6.2%. The rupee is currently also on a winning run of 17 sessions, in which it has gained nearly 7% after it hit a record low of 307.1 on September 5.
The currency market was closed on Friday (September 29).
Mauritius rupee was second on the list, with an appreciation of 0.7%, whereas the Hong Kong dollar was third on the list with an improvement of 0.2% during September, according to data provided by brokerage house Arif Habib Limited (AHL) on Friday.
Experts say the rupee appreciation run is to be attributed to government’s administrative measures against dollar smuggling and hoarding.
“The appreciation comes amid a crackdown against informal channels that are used to smuggle currencies into neighbouring countries,” Sana Tawfik, an analyst at AHL, told Business Recorder.