Pakistan Rupee Leads Asia’s Currencies, Followed By Sri Lanka

The Pakistani rupee has secured the title of Asia’s top-performing currency, surpassing its regional counterparts in the past year. With a notable growth of 3.1% against the US dollar, it settled at Rs278.12 per dollar in the MSCI Asia Emerging and Frontiers Market Index by Friday.

This achievement can be attributed to several factors, including significant foreign exchange inflows through the Roshan Digital Account (RDA), which has seen around $8 billion from overseas Pakistanis supporting their families back home.

Read more: Today’s Pakistani Open Market Currency Rates – (25 May 2024)

In addition to RDA inflows, robust remittances, stable export figures, and strategic loans from institutions like the IMF and World Bank have also played roles in strengthening the rupee. Furthermore, the rollover of loans has bolstered Pakistan’s economic resilience, increasing investor confidence.

Following closely, the Sri Lankan currency claims the second spot in Asia’s currency rankings, showing a commendable 2.7% improvement. Conversely, neighboring nations such as India, China, Vietnam, and Bangladesh have witnessed currency declines ranging up to 5.6%.