These all determine the country’s attractiveness as an investment destination and the potential for the national currency to rise in value. The value of a currency tends to be driven by the issuing nation’s economic growth, monetary policy (such as interest rates), and cross-border trade balance. The number of rupees needed to buy one dollar reached a record high of 240.15 on 28 July. In forex trading, the US dollar to Pakistan rupee (USD/PKR) currency pair represents how much of the quote currency – the rupee – is needed to buy one unit of the base currency – the US dollar. What drives the value of currencies, and what is the outlook for the rupee? In this article, we look at the performance of the Pakistani rupee against the US dollar, as well as the latest USD/PKR prediction and forecasts. The rupee had seen a rebound in October 2022 but has since been in a downward trend as political turmoil, a fall in the country’s foreign exchange reserves and a rising risk of a debt default weigh on its value. The USD was up 17% aganist the PKR in July. The Pakistani rupee (PKR) has continued to struggle against the US dollar (USD) since 2022 as the rupee crumpled against the US dollar in July 2022, as the greenback reached an all-time high in the interbank foreign exchange market. The currency hit a record low of around 280 in late January 2023. The PKR remains down by around 24% since the year-to-date ( YTD), and 55% down since this time last year. The start of 2023 has been far from pleasant for the Pakistani rupee ( PKR), which fell 9.6% aganist the US dollar (USD) on 26 January, this was the biggest one-day drop in over two decades, a slump which convinced the International Monetary Fund to resume its lending to the country. – Photo: Bloomberg Creative Photos / Gettyimages The Pakistani rupee rebounded against the US dollar in October.
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