diff --git a/Lib/inspect.py b/Lib/inspect.py
index 8bb3a375735af6..d29910942f4077 100644
--- a/Lib/inspect.py
+++ b/Lib/inspect.py
@@ -1462,6 +1462,14 @@ def _formatannotation(annotation):
         return formatannotation(annotation, module)
     return _formatannotation
 
+# A placeholder with <deleted> as repr (using a string would have '<deleted>'
+# with quotes). This is used in formatargvalues function.
+class _Deleted:
+    def __repr__(self):
+        return '<deleted>'
+
+_deleted = _Deleted()
+del _Deleted
 
 def formatargvalues(args, varargs, varkw, locals,
                     formatarg=str,
@@ -1476,7 +1484,7 @@ def formatargvalues(args, varargs, varkw, locals,
     argument is an optional function to format the sequence of arguments."""
     def convert(name, locals=locals,
                 formatarg=formatarg, formatvalue=formatvalue):
-        return formatarg(name) + formatvalue(locals[name])
+        return formatarg(name) + formatvalue(locals.get(name, _deleted))
     specs = []
     for i in range(len(args)):
         specs.append(convert(args[i]))
diff --git a/Lib/test/test_inspect.py b/Lib/test/test_inspect.py
index 92aba519d28a08..40c72cc7b2166f 100644
--- a/Lib/test/test_inspect.py
+++ b/Lib/test/test_inspect.py
@@ -477,6 +477,21 @@ def test_frame(self):
         self.assertEqual(inspect.formatargvalues(args, varargs, varkw, locals),
                          '(x=11, y=14)')
 
+        def return_current_frame(x):
+            return inspect.currentframe()
+
+        self.assertEqual(inspect.formatargvalues(*inspect.getargvalues(return_current_frame(5))), "(x=5)")
+        self.assertEqual(inspect.formatargvalues(*inspect.getargvalues(return_current_frame(9))), "(x=9)")
+
+    # See issue-61448
+    def test_formatargvalues_deleted_args(self):
+        def fun(a, b, x, y):
+            del b, y
+            return inspect.currentframe()
+
+        args = inspect.getargvalues(fun(2, 4, 8, 16))
+        self.assertEqual(inspect.formatargvalues(*args), '(a=2, b=<deleted>, x=8, y=<deleted>)')
+
     def test_previous_frame(self):
         args, varargs, varkw, locals = inspect.getargvalues(mod.fr.f_back)
         self.assertEqual(args, ['a', 'b', 'c', 'd', 'e', 'f'])
diff --git a/Misc/NEWS.d/next/Library/2023-01-26-09-36-24.gh-issue-61448.SOAkvt.rst b/Misc/NEWS.d/next/Library/2023-01-26-09-36-24.gh-issue-61448.SOAkvt.rst
new file mode 100644
index 00000000000000..2c64d08b0e4b09
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2023-01-26-09-36-24.gh-issue-61448.SOAkvt.rst
@@ -0,0 +1,2 @@
+Fix inspect.getargvalues function failing if arg name is not bound to a value.
+Co-authored-by Ezio Melotti.