KARACHI: The Pakistani rupee registered a loss against the US dollar for the third consecutive session on Friday as political uncertainty deepened in the country due to PTI chief Imran Khan’s long march.
The local currency depreciated by Rs 1.82 against the greenback and was seen trading at 222.50 during intraday trading.
A day earlier, the local unit closed at Rs 220.68 after shedding Rs 0.95, or 0.43 per cent.
The rupee broke its bullish streak as currency markets did not react positively to news of Asian Development Bank (ADB) infusion of funds into the country.
Pakistan received $1.5 billion from ADB last night, however, the loan failed to wait too long for currency market players.
Samiullah Tariq, Head of Research, Pakistan-Kuwait, said that the movement of the rupee is determined by the market, so supply drives demand.
“There is a bit of pressure from the import side and political uncertainty has affected the currency,” he added.
Tehreek-e-Insaf will start a long march from Islamabad today for early elections.
“The outlook for the rupee will depend on the political environment. However, another inflow from the Asian Infrastructure Investment Bank (AIIB) could improve sentiment.
