KARACHI – Pakistani rupee continues to remain under pressure against the US dollar as the local currency faced back-to-back blows in the inter-bank market.
On Tuesday, the local currency was hovering at 281.50, with a drop of Rs1.70.
Earlier this week, the embattled rupee plunged 0.68pc to settle at 279.8 in the inter-bank market.
The recent moves are unexpected as the government was expecting revival of rupee after IMF bailout. Fitch Ratings also upgraded Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC’ from ‘CCC-’ as crisis hit country managed to secure a ‘last-minute’ staff-level agreement.
