Pakistani rupee third best-performing currency in Asia

KARACHI: Pakistani rupee has become the third best-performing currency in Asia hitting a seven-month high of 158.70 against the United States (US) dollar in the interbank market.

The local unit has cumulatively appreciated by Rs9.73 or 3.1 per cent against the greenback over the past two and a half months since touching an all-time low of Rs168.43 in August last.

The Pakistani rupee continued to gain ground today as it edged up Rs0.21 to Rs158.70 against the dollar in the currency market at the start of the day’s trading.

Economic expert Muzamil Aslam said the depreciation of the dollar will help control inflation and reduce the debt burden on the country. The rupee is stabilising due to an increase in the country’s exchange reserves, he added.

On November 4, the rupee had hit a six-month high of Rs159.65 against the dollar in the inter-bank market.