KARACHI: The US dollar fell by 11 paisas against the Pak Rupee (PKR) on Wednesday as the international oil prices witnessed a decline.
The rupee ended Rs175.67 to the dollar from previous day’s closing of Rs175.78 in the interbank foreign exchange market.
The experts said that positive sentiments were prevailed after a decline recorded in international oil prices.
The oil import bill surged by 113.40 per cent to $10.18 billion during the first half (July –December) 2021/2022 as compared with $4.77 billion in the same period of the last fiscal year.
However, the local currency was supported due to significant increase in foreign exchange reserves of the country.
The total liquid foreign exchange reserves of the country increased by $1.637 billion to $23.721 billion by the week ended February 04, 2022 as against $22.084 billion by the week ended January 28, 2022. The official reserves of the State Bank climbed up by $1.61 billion to $17.337 billion by the week ended February 04, 2022 as compared with $15.727 billion a week ago.
Currency analysts said the easing global crude oil prices may help contain Pakistan’s import payments pressure in the coming weeks, providing temporary relief to the external account. They added that improved foreign exchange reserves and better market sentiment encouraged stability in the rupee, though external financing needs remain a key challenge for the economy.
