Just yesterday Pakistani rupee has reportedly became Asia’s third best performing currency by reaching six and a half month high of 158.9 contrary to the US dollar,
In the earlier session, the rupee sealed at 159.09 in the inter-bank market, rising 18 paisas against the US dollar meanwhile. Gaining 30 paisas to settle at 158.8 against dollar in the open market it has reached the mark of third best performing Asian currency and was also up Rs10.2 or 5% from a short of 169.
According to the analysts escalating by 3.1% against the US dollar since the beginning of October, the rupee stepped among the best-performing currencies in Asia, in so doing acquiring the third best-performing currency spot in Asia. Above Pakistani rupee currently stands Indonesian rupiah and South Korean.
From the mid of August i.e. 26th, Pakistani rupee has displayed an increase of Rs9.52 or 5.6%. Dealers stated the currency constantly rose in its value against the US dollar on the back of amplified inflows.
Analyst Khurram Shehzad tweeted: “Exports should not be hurt in the short run as the country’s export capacity, as per reports, is already operating at 100-120%, while real effective exchange rate index (measuring competitiveness through relative currency parity) also has room for further improvement in PKR/USD parity,”
“So, improving currency parity should result in the country’s improved ability in servicing its external debt as well as taming imported inflation that affects masses.”
