Dollar climbs new peak PKR 180.07 at interbank closing

Dollar climbs new peak PKR 180.07 at interbank closing

KARACHI: The US dollar climbed to new peak against Pakistan Rupee (PKR) to close at Rs180.07 at interbank foreign exchange market on Thursday.

The rupee plunged by 63 paisas to end at Rs180.07 to the dollar from previous day’s closing of Rs179.44.

Rupee depreciated for the fourth consecutive day and lost Rs1.56 against the dollar.

READ MORE: Dollar advances to fresh high at Rs179.44

The rupee was declining due political uncertainty and high commodity prices in the international markets.

Currency experts said that a no-confidence motion moved against the prime minister by the opposition parties had resulted in negative sentiments in the market.

They said that the dollar demand was also mounting due to import of commodities related to the holy month of Ramzan.

READ MORE: Dollar makes new record high at PKR 179.22

The local forex market is also uncertain due to volatile oil prices in the international markets.

The oil prices have seen continuous fluctuation since the Russia-Ukraine war began on February 24, 2022.

Pakistan is a net importer of petroleum products and changes in the prices directly affects the oil import bill.

READ MORE: Dollar jumps to historic high at PKR 178.98

The import of petroleum products recorded over 100 per cent increase to $12.94 billion during the first eight months (July – February) 2021/2022 as compared with Rs6.44 billion in the corresponding months of the last fiscal year.

Furthermore, the fall in foreign exchange reserves also put pressure on the rupee value. The liquid foreign exchange reserves of the country slipped by $206 million to $22.669 billion by the week ended March 04, 2022 as against $22.875 billion a week ago.

READ MORE: Dollar eases by 12 paisas to PKR in interbank