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Before the sway of financialisation of the global economy, a strong currency was generally seen as a sign of robustness. But it is not so by many now. Even the hard currencies like the dollar and the euro represent troubled economies like that of the United States and European Union respectively. The reason is that the dollar is a dominant global currency and euro, essentially regional, is competing with the greenback for a greater share in the international exchange market. The Chinese yuan is also making its increasing presence felt in the global market, backed by a robust economy. And to protect the value of their money from many depreciating national currencies, investors from around the world prefer to keep their funds in hard currencies, considered to be a store of value. Countries suffering from a chronic balance of payments problem and boom and bust cycles such as Pakistan may have abnormally weak currencies. But some national currency markets show a contrary trend. On the

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