Pakistani Rupee becomes South Asia’s best performing currency whereas Indian rupee continues to trigger on the financial markets.
With the second wave of Covid-19 pandemic continuing to soar the world economies leading to rising inflation and weaken currencies. However, the Pakistani rupee jumped to join the list of Asia’s top three best-performing currencies. Pakistani rupee reached a sixth-month high of 158.9 against the US dollar on Monday (November 9, 2020).
It ranked third in Asia’s best-performing currencies after appreciating by 3.1% against the US dollar since October 1, 2020, lagging only behind the South Korean Won gaining 4.5% and the Indonesian rupiah recovering by 3.6%.Pakistan had an inflow of $1.4 billion dollars from the International Monetary Fund as an emergency loan.
It also received an economic relief package in the wake of the COVID-19 pandemic from the World Bank. Such an appreciation against the US dollar will help reduce inflation in the country and will overall improve the economic situation.
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