As the dollar is increasing day by day, the value of PKR against the Dollar has gotten worsened and it is only left behind Sri Lanka’s Currency. The Pakistani rupee has lost 32% of its value in 2022. Only the Sri Lankan rupee lost more value, 78.4%, than the PKR.
“Markets are responding to these shocks in an unfairly broad-brush way, without paying enough attention to Pakistan’s relative strengths,” Acting governor of Pakistan’s central bank Murtaza Syed said
There has been a downfall in rupees due to Political instability in Punjab and it is leading to the downfall of the economy as well as it is only left behind Sri Lanka’s Value of currency against the dollar. The US dollar has appreciated 12.06% against PKR in the month of July.
The value of the Sri Lankan rupee against the US dollar has dropped to SL Rs.361.75 and the country has already defaulted on its international debt obligations. The PKR trails closely behind at Rs 232.93.
Thailand’s Baht turned out to be the third worst performing currency in the region, losing 10.6% of its value this year against the US dollar. Bangladeshi Taka has been ranked four among the worst performing currencies after losing 10% of its value. South Korean currency lost 9.9% of its value, Taiwan’s 8.2%, the Indian rupee 7.2%, the Malaysian Ringgit 6.9%, the Chinese Yen 6.3%, Indonesian Rupiah 5.1%, and Vietnam’s currency lost 2.4% of its value this year.
