Rupee Becomes Best Performing Currency in Frontier Markets

The Pakistani Rupee (PKR) has become the best-performing currency in the MSCI Frontier Markets during October 2022, appreciating by 3.4 percent against the US Dollar (USD) and closing at 220.89.

The data released by Arif Habib Ltd. Shows that PKR appreciated from 228.45 on 30^th September 2022 to 220.89 on 31^st October, surging by 3.4 percent against USD during the month.

PKR became the best-performing currency in the FM space during Oct’22, appreciated 3.4% against USD, and closed at 220.89.#SBP #Pakistan #Economy #AHL pic.twitter.com/kt1lNmAdxf

— Arif Habib Limited (@ArifHabibLtd) October 31, 2022

It is pertinent to mention here that PKR has been in a recovery mode since the return of Finance Minister Ishaq Dar, who is known for favoring a stronger currency.

Mauritian Rupee was the second best-performing currency, rising by 3.3 percent from 45.75 on 30^th September to 44.30 on 31^st October.

Kazakh Tenge stood third in the ranking with an increase of 1.9 percent against the USD during the month. Tenge started the month at 476.41, rising to 467.33 by 31^st October.

Other currencies which appreciated against the USD during the month include Romanian Leu, Croatian Kuna, Estonian and Lithuanian Euro, Bahraini Dinar, and Moroccan Dirham.

The frontier markets which showed depreciation against the USD during the month include Icelandic Króna, Sri Lankan Rupee, Kenyan Shilling, and Nigerian Naira. Vietnamese Dong was the worst-performing currency in the FM space during October, depreciating by 3.9 percent against the USD.