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Pakistan Rupee Drops to Record, Bonds Fall as Fitch Cuts Outlook

  • Currency declines as much as 3.2% to 221.99 a dollar
  • Fitch lowers outlook to negative, citing financing risks
Updated on

Pakistan’s rupee slumped to a fresh record low, the nation’s stocks slid and some of the government’s dollar-denominated bonds tumbled the most ever after Fitch Ratings cut the country’s credit-rating outlook.

The rupee slid 3.2% to close at 221.99 per dollar, while the benchmark stock index slid 2.4%. Foreign bonds due in April 2024 were indicated 14 cents lower at 54 cents on the dollar, marking their largest daily drop on record.