KARACHI: The US dollar gained three paisas against the dollar on Tuesday owing to demand of the foreign currency for import payments.
The interbank foreign exchange market ended at Rs174.50 to the dollar from previous day’s closing of Rs174.47.
Currency experts said that the local unit was under pressure due to escalation in international oil prices during the past few days. However, the rupee recovered the losses on reports that the international prices eases.
The benchmark Brent crude rose to $94 per barrel a day earlier, which was the highest since October 2014. However, the softening in tension between the US and Iran over civil nuclear issue the oil settled at over $92.
Pakistan is dependent on imported oil and any change in international prices it directly hit the balance of payment. The high international prices resulted massive growth in oil import bill during the first half of the current fiscal year.
The oil import bill surged by 113.40 per cent to $10.18 billion during first half (July –December) 2021/2022 as compared with $4.77 billion in the same period of the last fiscal year.