KARACHI: The US dollar fell by 11 paisas against the Pak Rupee (PKR) on Monday owing to lower dollar demand for import payments.
The rupee ended Rs175.75 to the dollar from last Friday’s closing of Rs175.86 in the interbank foreign exchange market.
Currency experts said that the market witnessed advance trading because financial markets are closing in the US due to public holiday.
They also said that the ease in international oil prices also helped the local currency to make gain.
The dealers said that possible diplomatic talks on Russia-Ukraine tensions had brought down the oil prices in the international markets.
Pakistan is net importers of energy products to meet the domestic demand. The oil bill of the country sharply increased by 107 per cent to $11.7 billion during the first seven months (July – January) of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.
The experts said that the falling foreign exchange reserves however a major concern for the rupee stability in coming days.
The liquid foreign exchange reserves of the country slipped by $231 million to $23.49 billion by the week ended February 11, 2022 as compared with $23.721 billion a week ago. Similarly, the official reserves of the State Bank of Pakistan (SBP) fell by $241 million to $17.096 billion by the week ended February 11, 2022 as compared with $17.337 billion a week ago.