Rupee Hit at Rs 285 Against US Dollar Today in Interbank Market

Newstoday: During intraday trade today, the Pakistani rupee fell to its lowest level ever versus the US dollar, as uncertainty over a vital rescue from the International Monetary Fund (IMF) and Moody's recent rating harmed exchange rate fundamentals. At 11 a.m., the Pakistani rupee had lost Rs. 12 to 278 at the interbank rate. It had fallen to Rs. 285 at 11:25 a.m., after losing Rs. 19. As early requests for the greenback started at 277, open market prices across various currency counters reached highs of 288-290. Money changers have paused dollar outflow for now; a trader told ProPakistani briefly today. Topline Securities CEO Muhammad Sohail commented on the PKR's massive drop, saying that the delay in IMF funds is generating concern in the currency market.

During intraday trade today, the (PKR) plummeted over 7.2 percent against the dollar, reaching as low as 285 against the greenback as a result of Moody's newest junk categorization of Pakistan's national and international currency issuer and senior unsecured ratings to Caa3 from Caa1.