KARACHI: The US dollar fell by 12 paisas against the Pak Rupee (PKR) on Friday due to decline in oil prices in the international markets.
The rupee ended Rs178.51 to the dollar as compared with previous day’s close of Rs178.63 in the interbank foreign exchange market.
The dollar hit all-time high to the PKR at Rs178.63 a day earlier. The local currency was under pressure since the start of Russia-Ukraine war, which skyrocketed the oil prices in the international markets. Pakistan is highly reliant on the import of petroleum products.
The import bill of petroleum group recorded an increase of 107 per cent to $11.7 billion during the first seven months of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year. The rupee value was also under pressure due to surge in demand of imported commodities due to holy month of Ramzan.
The continuous decline in foreign exchange reserves also is also putting pressure on the local unit.
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.