Pakistani rupee became the third best-performing currency in Asia after the currency hit an almost eight-month high at Rs158.91 against the US dollar in the interbank market on Monday, experts said.
The development may help to tackle high inflation as Pakistan has turned net importer of wheat, sugar, and cotton this year to improve supplies.
With the fresh recovery of Rs0.18 on Monday, the rupee has cumulatively regained Rs9.52 or 5.65% over the past 11 weeks since touching all-time low of Rs168.43 on August 26. The rupee was last seen around Monday’s (November 9) closing level of Rs158.91, on March 20.
Alpha Beta Core CEO, Khurram Shehzad said in a commentary,
“Pakistani rupee entered the list of best-performing currencies in Asia, appreciating by 3.1% against the US dollar since October 1, 2020, thereby securing the position of third best-performing currency in Asia after Indonesian rupiah and South Korean won.”
“Indonesian rupiah had regained 4.5% while South Korean won recovered 3.6% since October 1, 2020,” he added.
The analyst added, “Improvement in rupee-dollar parity reduces pressure on the external debt as well as imported inflation in the country.”