As per the official sources and data, The Pakistani rupee has achieved a remarkable feat by becoming the world’s strongest currency against the US dollar in June 2023. According to Spectator Index, the Pakistani rupee appreciated by 3.1% against the US dollar in the last month, which is the highest rate among all the currencies.
The Norwegian krone came second with a 2.6% increase, followed by the British pound with a 2.2% rise. Other currencies that made it to the top ten list include Brazil, Switzerland, Canada, Euro, Poland, and Mexico.
This appreciation of the Pakistani rupee is attributed to various factors, such as improved current account balance, increased remittances, higher foreign exchange reserves, and lower import bills. The strong performance of the Pakistani rupee has boosted the confidence of investors and the public, as well as enhanced the country’s economic outlook.
However, some experts have cautioned that the appreciation of the rupee may also have some negative impacts, such as reduced competitiveness of exports, increased inflation, and lower growth.
Therefore, they have suggested that the government and the central bank should maintain a balanced exchange rate policy that reflects the market realities and supports economic recovery.
