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).
“The rupee is stabilising,” Samiullah Tariq, Head of Research and Development at Pak-Kuwait Investment Company, told PEN.