5 Worst Performing Currencies in Asia

4. Pakistani Rupee

Price Against 1 USD on January 2, 2023: 226 

Price Against 1 USD on September 20, 2023: 294

Percentage Decline in Price in 2023: 30%

Pakistani Rupee is the official currency of Pakistan, a South Asian country. Although the Rupee has gained in recent weeks on the back of a string of currency control measures introduced by a caretaker government, it remains under strong pressure from the greenback. Pakistani reliance on energy imports, which has been at the core of a circular debt crisis, still remains largely unaddressed. In the face of persistent inflation and increased borrowing from the government, it remains to be seen whether Islamabad can successfully negotiate the challenging global economic conditions created by a war in Europe. IMF officials, which approved a bailout program for the government recently, have expressed hope that strict economic reforms will do the trick.