Pakistani rupee plunges against USD

Home > South & Southeast Asia

Pakistani rupee plunges against USD

Source: Xinhua | 2023-03-02 | Editor:Lexi

Pakistani rupee significantly plunged against the U.S. dollar as the greenback was traded at 266.11 rupees in the interbank market on Wednesday, according to the State Bank of Pakistan (SBP).

The U.S. dollar closed at 261.5 rupees on Tuesday. On Wednesday, the local currency depreciated by 4.61 rupees, or 1.73 percent, against the U.S. dollar, official figures showed. The rupee's four-session winning streak ended on Tuesday following a depreciation of 0.6 percent.

Market experts attributed the devaluation mainly to the downgrading of the South Asian country's local and foreign currency issuer and senior unsecured debt ratings from "Caa1" to "Caa3" by Moody's Investors Service on Tuesday.