Rupee resumes downtrend against US dollar


KARACHI: The Pakistani rupee resumed its downward trend after a day respite amid Nomura Holdings’ warning of a currency crisis. The local unit closed at 223.81 against the greenback falling by Re0.39, or 0.17%, compared to Tuesday’s close of 223.42 in the interbank market. In a major development, Nomura Holdings, Japan’s top brokerage and investment bank, has warned that seven countries — Pakistan, Egypt, Romania, Sri Lanka, Turkey, Czech Republic, and Hungary — are now at a high risk of currency crises. The Japanese bank said that 22 of the 32 countries covered by its in-house “Damocles” warning system have seen their risk rise since its last update in May. News Desk