Pakistani rupee has turned out to be the best performing currency in the first quarter of 2021.
According to a Pakistani Economist Mr. Muzammil Aslam, the Pakistani Rupee has been the best performing currency for the first three months of 2021, against the US dollar.
PkR has been the World best currency against USD from January 1st to March 31st. It’s good to celebrate but equally concern to maintain the competitiveness. I’m on for gradual changes than abrupt. @StateBank_Pak pic.twitter.com/Dw3AsPrlqW— Muzzammil Aslam (@MuzzammilAslam3) March 31, 2021
He also mentioned that though this is cause for celebration, the main concern is the sustainability of this value of the Rupee.
Pakistani rupee has strengthened because of increased inflow of foreign currency in the form of remittances and countries’ financial situation’s improvement as the three top lenders of the world released money to the country.
Over the past week, Pakistan has received IMF’s third tranche of $500 million, have received funding from the World Bank of $1.3 billion for different projects, the Asian Development Bank has invested $300 million into a hydropower plant and lastly, Pakistan has borrowed $2.5 billion in Eurobonds.
According to analysts, the rupee may peak somewhere between Rs150 and Rs152 against the dollar under the current cycle of gains. It seems it will remain stable between Rs152 and Rs155 by the end of June 2021.