Rupee Becomes World’s Best Currency
In the three months that concluded on March 31, 2021, the Pakistani rupee gained the most value relative to the US dollar, making it the best-performing currency in the world.
Following an enormous infusion of foreign currency from outside sources as opposed to a modest outflow during the Covid-19 epidemic, the rupee rose.
Muzammil Aslam, CEO of Tangent Capital Advisors, tweeted, “Pakistani rupee has been the world’s best currency versus the US dollar from January 1 to March 31,” citing Bloomberg data.
Since its opening level on January 1, 2021, the rupee has appreciated 4.09% to Rs 153.55 versus the US dollar for the day.
With the addition of the $500 million IMF tranche, the $2.5 billion generated through Eurobonds, and other inflows from the World Bank and Asian Development Bank (ADB) in recent days, the reserves would increase even more.
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As local businesspeople and industrialists plan to import machinery for establishing new firms and expanding their current production lines, the value of the Pakistani rupee may decline starting in June or July 2021 and continuing through those months.
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