In the twelfth consecutive session, the Pakistani rupee experienced adecline against the US dollar, depreciating by 0.38 per cent in theinter-bank market on Tuesday, according to the State Bank of Pakistan(SBP). The rupee settled at Rs286.39, marking a decrease of Rs1.10. Theprevious day, it had depreciated by 0.34 per cent, settling at Rs285.29against the US dollar.
Experts attribute this depreciation to the ongoing pressure on the currencydue to payment-related issues.
On the global front, the US dollar remained stable on Tuesday, maintainingits gains from the previous day as investors paused amid a risk rally.
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Meanwhile, the Australian currency dipped in anticipation of a central bankinterest rate decision later in the day. Asian markets closely watched theReserve Bank of Australia, which was expected to raise rates by 25 basispoints, ending a four-month period of policy decisions being on hold.However, market confidence in this outcome was at 63 per cent.