KARACHI: The US dollar hit Rs179.50 in the interbank foreign exchange market during intraday trading on Wednesday. The dollar made a gain of 28 paisas against the Pak Rupee (PKR) to reach record level in midday trading.
The rupee ended at Rs179.22 to the dollar on March 15, 2022, which was the all-time low at closing in the interbank foreign exchange market.
READ MORE: Dollar makes new record high at PKR 179.22
Currency experts said that the rupee was depreciating due to various reasons including overall rise in dollar value against other major currencies, volatile international oil prices and political unrest locally.
They said that political uncertainty due to no-confidence motion moved against the prime minister also depressed the local unit.
Besides, the dollar demand was also mounting due to import of commodities related to the holy month of Ramzan.
READ MORE: Dollar jumps to historic high at PKR 178.98
The oil prices are remained volatile since Russia-Ukraine war started on February 24, 2022.
Pakistan is one of the major importers of petroleum products and changes in the prices directly affects the oil import bill.
READ MORE: Dollar eases by 12 paisas to PKR in interbank
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.
READ MORE: Rupee ends flat to dollar, maintains all-time low level
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.
