KARACHI – Pakistani rupee continued to sustain losses against the greenback for another successive session, settling with wide depreciation of 1.73 on Wednesday.
Amid economic uncertainty, the local currency of cash strapped country further plunged against USD.
Data issued from the country’s central bank show the local currency settled at Rs266.11 against the dollar, a decline of Rs4.61 in the inter-bank market.
https://twitter.com/StateBank_Pak/status/1630892296399986689
Earlier in the week, the Pakistani rupee clawed back against the high-flying dollar but lost a gaining spree on Tuesday, settling at 261.5 after a depreciation of 0.60 percent in the inter-bank market.
The recent uncertainty stemmed from the recent ratings issued by Moody’s as it downgraded the government of Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa3 from Caa1.
