Rupee took a hit for the second consecutive session against the US dollar, as the local currency recorded a 0.22% fall in the inter-bank market on Wednesday.

As per the State Bank of Pakistan (SBP), the rupee closed at 174.89 after a day-on-day depreciation of 39 paisas or 0.22%. On Tuesday, the currency dipped by 0.02% for the first time after seven consecutive sessions.

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 amid International Monetary Fund (IMF) approval for its sixth review of the Extended Fund Facility (EFF).

Meanwhile, oil prices, a key determinant of Pakistan's import figure, slipped for the third session on Wednesday on profit-taking due to concerns of a possible rise in supplies from Iran despite industry data showing a surprising drop in US oil inventories.

Brent crude futures edged down 8 cents, or 0.1%, to $90.70 a barrel, while U.S. West Texas Intermediate crude was at $89.18 a barrel, down 18 cents, or 0.2%.