Saturday, 25 March 2023

Rupee Becomes the World’s Best Performing Currency against Dollar

Pakistani rupee has become the world’s best performing currency. Rupee appreciated the most against the US dollar in the last three months ended March 31, 2021.

The rupee strengthened on the back of excessive inflows of foreign exchange from international sources compared to limited emissions during epidemics.

Taking to his Twitter handle, Tangent Capital Advisers CEO Muzammil Aslam while citing Bloomberg data tweeted, “Pakistani rupee has been the world’s best currency against the US dollar from January 1 to March 31.”

The rupee strengthened 4.09% to Rs153.55 against the US dollar during the day since the opening level of January 1, 2021. Later, the rupee closed at Rs152.75 against the dollar in the domestic inter-bank market on Wednesday, Pakistan’s central bank reported.

According to data reported by Bloomberg, the Canadian dollar stood at the second position among the top-performing currencies worldwide. Rupee appreciated 1.09% to 1.25 against the US dollar during said period. Pound followed it, and it gained 0.64% against the US dollar during the above period.

“It is good to celebrate (the strengthening of rupee) but equally important is to maintain competitiveness. I am for gradual changes than abrupt,” Aslam said in his tweet.

Muzzammil Aslam

Arif Habib Limited Head of Research Tahir Abbas, while talking to The Express Tribune, said the excessive inflow of dollars caused the rupee in maintaining the upswing.

Rupee in Future

“The rupee may peak somewhere between Rs150 and Rs152 against the dollar under the current circumstances. It looks it will remain stable between Rs152 and Rs155 by the end of June 2021,” he said.

A d v e r t i s e m e n t

Rupee | Dollar | Foreign Exchange | Foreign Currency | Muzzammil Aslam | World’s Best Currency | Bloomberg |

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