Pakistani Rupee world’s best currency for March-21 Quarter

April 1, 2021

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Pakistani Rupee has become the strongest currency in the world for the quarter ended March-2021.

On the interbank market, the Pakistani rupee rose 30 paisas against the US dollar on Wednesday to close at 152.85, respectively. In the open market, PKR rose to 153.20/USD.

PKR also performed well against other currencies. Against the euro, PKR rose 1 rupee per Euro, to close at 179 while PKR rose 10 paisas against the UAE dirham to close at 41.70, respectively.

Pakistan’s Rupee continue to strenthen against the US dollar after Pakistan received around $ 499 million from the International Monetary Fund (IMF) on Tuesday as a tranche of an Extended Fund Facility (EFF) loan to support the budget.

The State Bank of Pakistan (SBP) has confirmed that it has received a tranche from the International Monetary Fund in the amount of $ 499 million (equivalent to 350 million SDR) under the expanded financing facility.

These inflows will help build up the country’s foreign exchange reserves and reduce pressure on external accounts.

In addition, Pakistan also raised a three-ranche bond deal to raise $ 2.5 billion, spanning five, 10, and 30 years, during which it received more than $ 5.3 billion in pooled orders in its first international bond sale to end of 2017.