The Pakistani rupee (PKR), which had been weakening against the US dollar (USD) and the UAE dirham (AED) due to economic strains and heightened dollar demand, has begun to recover.

This improvement can be largely attributed to the government’s action against illegal dollar trading.

Earlier this week, PKR had depreciated to 90 against the AED in the open market. However, by Friday, after the government’s intervention, it had strengthened to 85.

By Saturday morning, xe.com recorded the rupee at 83.8 against the AED—a noteworthy recovery. It is worth mentioning here that PKR stood at 61.7 against AED at the beginning of this year.

The rupee had also experienced pressure after the government allowed increased imports, thus elevating the dollar demand.

Earlier, General Asim Munir, Pakistan’s Army chief, visited Karachi, where he held discussions with businessmen and industrialists, assuring them of consistent transparency in dollar exchange and interbank rates.

On the same Saturday, xe.com listed the rupee’s rate at 308 against the dollar, while it stood at 301 in the domestic market.

Meanwhile, financial analysts underscore the need for economic reforms and the growth of exports to ensure the rupee’s future stability.

Source: Pro Pakistani