Rupee suffers back-to-back losses against US dollar

Market sentiment continued to take its toll on Pakistan’s rupee that recorded its second successive drop, depreciating 0.18% against the US dollar in the inter-bank market on Tuesday.

As per the State Bank of Pakistan (SBP), the rupee closed at 175.78 after a day-on-day depreciation of 31 paisas or 0.18%. On Monday, the currency had lost 76 paisas or 0.43% to finish at 175.47.

The escalation of tension between Russia and Ukraine has triggered some level of uncertainty in the market, which has already pushed oil prices over $95 a barrel, and created concerns for countries like Pakistan that battles a rising current account deficit.