According to analysts, the Pakistani rupee proved to be the world's most profitable currency in September 2023. As a result, the rupee appreciated by more than 6% against the US dollar during the month. According to Bloomberg, the Pakistani rupee hit a record low against the greenback in early September on expectations that the Fed would keep its interest rates high for a long period. Notably, the Pakistani currency recovered after that. According to Reuters, the Hong Kong dollar is the second strongest currency against the US dollar. The Colombian peso took third place on the list. Both currencies gained 0.3% and 0.1% against the greenback respectively. In early September, the Pakistani rupee slumped to a record low while the US dollar climbed to a record high of 307.9 against the Pakistani currency. By the end of September, the rupee managed to recover its losses since the country's financial regulator and security agencies began taking action to curb black market operations. "Many leakages were happening through illegal channels of hawala and hundi trade from the open market," Khurram Shehzad, Chief Executive Officer of Alpha Beta Core Solutions Pvt. Ltd, a financial consultancy in Karachi, said in a statement.
