KARACHI: After registering approximate gains of 5.94pc this fiscal year, the Pakistani Rupee now stands as Asia’s third-best and Emerging Market’s fifth-best performing currency. On Monday, the PKR closed at Rs158.1691 in the interbank against the US Dollar, marginally losing value (-Rs0.01) after a two-week bullish streak. As per Profit’s analysis, Mexico’s currency appreciated the most against the USD in the Emerging Market, whereas Korea led the appreciation in Asia. As per Adnan Sheikh, AVP research at Pak Kuwait Investment Company, the primary reason behind the appreciation is the low demand for dollars. “The supply for dollars is higher considering how imports are lower.”“Remittance inflows have also been helping prop up the rupee,” Sheikh explained.

Source: Pakistan Today November 16, 2020 16:30 UTC