KARACHI, Pakistan, Sept 28 Reuters Pakistan39;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.

September39;s gains have almost made up for all of the rupee39;s losses in August and technically make it the bestperfoming 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 country39;s financial regulator and security agencies began taking action the next day to curb black market operations.

The Pakistani rupee closed 0.3 up in the interbank market at 287.8 per dollar on Thursday.

The crackdown on black market operators against the informal market resulted in tens of millions of dollars pouring back into Pakistan39;s interbank and open markets, dealers said.

The government39;s stern administrative action against the unlawful foreign exchange dealers and hoarders in commodity markets is stabilizing the exchange rate, providing a respite to the imported inflation and easing out commodity prices, the Finance Ministry said in its monthly report.

The rupee has indeed performed well but this data does not reflect the sharp depreciation preceding this performance. Pakistan39;s currency has been one of the worstperforming in recent years, said Fahad Rauf, Head of Research at Ismail Iqbal Securities.

A marketdetermined exchange rate is a key condition for…