KARACHI: The Pakistani rupee continued to decline for the third consecutive session against the US dollar on Friday, as the country continues to face political unrest amid the PTI's long march.
According to State Bank of Pakistan (SBP) data, the local unit lost Rs0.97 or 0.44% against the greenback. It closed at Rs222.47.
The rupee closed at Rs220.68 after depreciating by Rs0.95 or 0.43% on Thursday.
The rupee snapped its gaining streak as the currency market didn’t react positively to news of receiving inflows from the Asian Development Bank (ADB) into the country.
Pakistan received $1.5 billion from the ADB last night, however, the much-awaited loan failed to impress currency market players.
Speaking to The News, Pakistan-Kuwait Head of Research Samiullah Tariq said that the rupee movement is market-determined, so the supply drives the demand.
He added that there is a bit of pressure from imports and the ongoing political uncertainty impacted the currency too.
The PTI will begin its long march today on Islamabad, seeking snap polls.
“The outlook for the rupee will depend on the political climate. However, another inflow from the Asian Infrastructure Investment Bank (AIIB) may improve sentiment,” he added.
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