As per the State Bank of Pakistan (SBP), the rupee closed at 175.75 after a day-on-day appreciation of 11 paisas or 0.06%.

The rupee ended 0.65% lower against the US dollar during the previous week as mounting tension between Russia and Ukraine, and repeated warnings by Washington over the conflict kept global markets on the backfoot.

The gain in local currency comes as oil prices calmed down after fluctuating initially on Monday, as investors eyed contrasting scenarios of tighter Russian energy supplies due to the Ukraine crisis and more crude coming to the market on a possible nuclear deal between Iran and world powers.

Brent crude futures were at $93.39 a barrel, down 15 cents or 0.2%, after earlier touching $95, while US West Texas Intermediate (WTI) crude futures had climbed 7 cents to $91.14 a barrel, off an earlier high of $92.93.

This story was first published in Business Recorder on February 21, 2022.