The Pakistani rupee weakened further against the US dollar, down 0.13% in the interbank market on Tuesday 25-Janurary-2022.

The rupee closed at 176.72 after a decline of 23 paisa, or 0.13% from previous day, according to the State Bank of Pakistan (SBP). The decline comes after the rupee had depreciated 0.14% against the US dollar on Monday.

The latest drop was due to the continued rise in oil prices on Tuesday, which continued the previous day’s losses, as rising tensions in Eastern Europe and the Middle East heightened fears of possible disruptions in Crude Oil supply chain.

Furthermore, the Imports in the country continue their momentum as Current Account Deficit in 1HFY2022 was recorded at $9.1 billion.

The State Bank of Pakistan has projected a deficit of 4 per cent of GDP during the current fiscal year, while economic analysts project the deficit to be 5 per cent of GDP or roughly $17 billion. This is expected to keep the rupee under pressure.

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