The Pakistani rupee has rebounded from an all-time low to become the world's top performing currency — and it still has room to strengthen, analysts say.
The Pakistani rupee has rebounded from an all-time low to become the world's top performing currency — and it still has room to strengthen.
It has since gained over 8% to trade at 275 against the dollar, marking the strongest bounce among other currencies and outpacing them to become the best performer last month."Pakistan's rupee was the top performer globally this month as a government crackdown on the illegal dollar trade helped reverse its fortunes," HDFC securities said in a
"The PKR currency is expected to strengthen further, given the continuation of the crackdown and enforcement of the state policy," he predicted. Pakistan's weak currency has, in part, contributed to and fueled inflation. it's clear that a stronger rupee would dampen inflationary pressures."Almost 43% of Pakistan's inflation basket is directly related to Pakistan rupee-U.S. dollar parity," said Abbas from Arif Habib.
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