Wednesday, November 13, 2024

Pakistani Rupee became Asia’s worst performance

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.”

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