ISLAMABAD, Mar 2 (NNN-APP) – The Pakistani rupee, significantly plunged against the U.S. dollar, as the greenback was traded at 266.11 rupees, in the interbank market yesterday, according to the State Bank of Pakistan (SBP).
The U.S. dollar closed at 261.5 rupees on Tuesday. Yesterday, 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 country’s local and foreign currency issuer, and senior unsecured debt ratings from “Caa1” to “Caa3” by Moody’s Investors Service on Tuesday.– NNN-APP
