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Rupee registers marginal fall against US dollar

The rupee closes at 174.50 after a day-on-day depreciation of three paisas or 0.02%
Published 08 Feb, 2022 05:52pm
Business
Local currency recorded its first drop against US dollar after seven consecutive gains, depreciating 0.02%. file photo
Local currency recorded its first drop against US dollar after seven consecutive gains, depreciating 0.02%. file photo

Rupee's upward trajectory against the US dollar came to a halt on Tuesday, as the local currency recorded its first drop after seven consecutive gains, depreciating 0.02% in the inter-bank market.

As per the State Bank of Pakistan (SBP), the rupee closed at 174.50 after a day-on-day depreciation of three paisas or 0.02%. On Monday, the currency had appreciated by 0.01%.

On Friday, rupee had gained over Re1 or 0.60% to settle at its highest level since November 23 against the greenback.

The rupee had been on a gaining spree following International Monetary Fund (IMF) approval for its sixth review of the Extended Fund Facility (EFF).

On the other hand, oil prices eased on Tuesday ahead of the resumption of indirect talks between the United States and Iran which may revive a nuclear deal that could lead to the removal of sanctions on Iranian oil sales, increasing global supplies.

Brent crude was down 36 cents, or 0.4%, at $92.33 a barrel, after hitting a seven-year high of $94 on Monday. The US West Texas Intermediate crude eased 26 cents, or 0.3%, to $91.06 a barrel.

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