Rupee continues to extend losses against US dollar

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.-PNP