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Pakistani currency continue to devalue

The Pakistani rupee dropped against the dollar on Friday in the interbank market for the third straight session, losing 97 paisa.

According to the State Bank of Pakistan, the local currency lost 0.44 percent of its value from yesterday’s closing price of Rs221.5 to end the day at Rs222.47 per dollar.

According to information acquired by Mettis Global, the PKR’s value has dropped by Rs16.64, or 7.52 percent, since the start of this fiscal year.

The sovereign default risk reached its highest level since November 2009 on the first day of this week. The nation’s five-year credit default swap (CDS), which serves as protection against the possibility of sovereign default, increased by more than three percentage points on October 25 to reach 52.8 percent, a 13-year high.

The rising CDS level reflects investors’ waning confidence in Pakistan’s ability to repay its international obligations.

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