KARACHI – The Pakistan rupee on Tuesday reached Rs221 per dollar in the interbank market amid prevailing political instability and deepening economic woes.
The greenback gained Rs5.80 around at 12:00 am to touch all-time high level in the market as it closed at Rs215.20 against rupee on Monday.
In the open market, the US dollar is being traded at Rs222 after an increase of Rs 6. Experts are of the view that the foreign currency could hit another new level by the end of today’s session.
It is the highest day-on-day rupee depreciation after March 26, 2020.
The developments comes as ruling PML-N’s defeat in Punjab by-elections triggered political instability and import pressure took local currency to new low level.
A day earlier, itch Ratings has revised Pakistan’s outlook to negative from stable, while affirming its Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) at ‘B-‘.
The Revision of the Outlook to Negative reflects significant deterioration in Pakistan’s external liquidity position and financing conditions since early 2022, the rating agency said in a statement.
Fitch downgrades Pakistan’s outlook to negative amid political, economic instability
