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Pakistan's rupee weakened marginally against the US dollar, depreciating 0.02% in the inter-bank market on Wednesday.

As per the State Bank of Pakistan (SBP), the rupee closed at 176.22 after a day-on-day depreciation of 4 paisas or 0.02%. The decline comes after the currency registered a fall of 0.15% on Tuesday.

Despite the back-to-back losses, the currency has still recovered nearly 1.1% after touching its all-time low of Rs178.24 on December 29, 2021.

Rupee weakens again as high oil prices dent sentiment

The fall in rupee value comes as oil prices continued to rise, creating concerns of a hike in import figures, as oil shipments make up for a major portion of the country’s dollar bill.

Oil prices inched up for the fourth day on Wednesday as an outage on a pipeline from Iraq to Turkey increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates.

Brent crude futures rose 87 cents, or 1%, to $88.38 a barrel at 0543 GMT, adding to a 1.2% jump in the previous session. The benchmark contract climbed to as much as $89.05, its highest since October 13, 2014.

Meanwhile, experts anticipate a significant increase in upcoming export figures, a development that could ease pressure off the currency.

“There is a whisper in the market that exports will do well by a few billions,” tweeted Asad Rizvi, Ex-treasury Head at Chase Manhattan Bank.

Inter-bank market rates for dollar on Wednesday

BID Rs 176.25

OFFER Rs 176.35

Open-market movement

In the open market, the PKR gained 20 paisas for buying while losing 30 paisas for selling against USD, closing at 177.30 and 178.30, respectively.

Against Euro, the PKR remained unchanged for both buying and selling, closing at 200 and 202, respectively.

Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 48.62 and 49.10, respectively.

Against Saudi Riyal, the PKR gained 10 paisas for both buying and selling, closing at 46.65 and 47.10, respectively.

Open-market rates for dollar on Wednesday

BID Rs 177.30

OFFER Rs 178.30

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