Rupee closes at 220.68 against dollar in interbank market. Local unit didn’t react positively to news of ADB inflows.
Rupee falls as long march offsets ADB inflow impact. The Pakistani rupee Thursday continued to register losses due to political unrest in the wake of PTI’s long march towards Islamabad.
The local unit closed at Rs220.68 after depreciating Rs0.95, or 0.43%, compared to Wednesday’s close of 219.73.
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.
More From FactFile: ADB credits $1.5 billion to SBP’s account, Dar says
Speaking to a private news channel, 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 the imports and the political uncertainty impacted the currency.
PTI will begin its march towards Islamabad tomorrow from Lahore which would trigger further political and economic uncertainty.
“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.
