Rupee continues to extend losses against US dollar

• Rupee registers losses for third consecutive session against dollar.
• Local currency closes at Rs222.47 in interbank market.  
• It depreciates Rs0.97 or 0.44% against greenback.

KARACHI: The Pakistani rupee registered losses for the third consecutive session against the US dollar on Friday as the political uncertainty in the country deepens due to PTI chief Imran Khan’s long march. 

The local currency depreciated Rs0.97 or 0.44% against the greenback and closed at Rs222.47 in the interbank market.

A day earlier, the local unit closed at Rs220.68 after depreciating Rs0.95, or 0.43%. 

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 currency market players.

Speaking to Geo.tv, Pakistan-Kuwait Head of Research Samiullah Tariq said that the rupee movement was market-determined, so the supply drives the demand.

“There is a bit of pressure from the imports and the political uncertainty impacted the currency,” he added.

The PTI will begin its long march today on Islamabad from today for the early elections. 

“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.