In comparison to its position as the world’s top performer six months ago, the Pakistani rupee has been the worst performing currency in Asia since it reached a thirteen-month low of Rs166.98 versus the US dollar in the inter-bank market as a result of an increase in greenback import demand.
The local currency has declined by nearly 10% over the last four months (or Rs14.71), making it the “worst performer in Asia, a basket of 13 Bloomberg currencies,” Bloomberg said.
In May 2021, the rupee reached a high of Rs152,27 for 22 months, and has since then fallen.
Earlier in March 2021, when it appreciated most (4,09% to Rs 153,55) versus the US Dollar at its first level on 1 January 202, it was considered to be the world’s best-performing currency. “What is unexpected is this (the rupee becoming Asia’s worst actor.”
