Pak Rupee was declared the worst currency of Asia by a known, credible economic media outlet, Bloomberg. In the past year, the rupee has dropped by over 20%. This has made Pak Rupee the worst performer among 13 currencies in Asia.
A report by daily Jang stated that in May alone, Pak rupee depreciated by 29%. In comparison with Pakistan, the currencies of Afghanistan, Bangladesh and Nepal are stable.
The dollar exchange rate with Afghanistan Afghanis, Indian Rupee, Bangladeshi Takka, Nepalese Rupee, Bhutanese Ngultrum, Thai Baht is 79, 70, 84, 112, 69, 32 respectively. With South Africa’s Rand, the US dollar exchange is 14.45.
Pakistan’s Central bank spokesman Abid Qamar said that the rupee level displays the demand and supply conditions in the foreign exchange. Adding that it will help in “correcting market imbalances.”
IMF in a statement said that “A market-determined exchange rate’’ will help the economy. Thus, the State Bank of Pakistan devalued Pak rupee five times in 2018.
A director at the Karachi-based consultancy Collective for Social Science Research Asad Sayeed said, “The rupee devaluation is an IMF condition and they seem serious about it. It’s an open market policy. It appears they have decided to adopt it.”