Daily Times

The American currency continued its downward trend against the local unit as US Dollar (USD) to PKR latest value reached Rs280.60 with a decrease of record Rs1.05 in comparison to the previous day’s closing at Rs281.65. Pakistan’s rupee has gained 6.1% against the dollar so far in September, following an official clampdown on illegal foreign exchange trade in grey and black markets by security agencies. September’s gains have almost made up for all of the rupee’s losses in August and technically make it the best-performing currency in the world this month. The rupee hit a record low of 307.1 against the dollar on Sept. 5 but has made a sharp recovery since the country’s financial regulator and security agencies began taking action the next day to curb black market operations.