KARACHI: The US dollar jumped up by 76 paisas against the Pak Rupee (PKR) on Monday owing to surge in international oil prices.
The rupee ended Rs175.47 to the dollar from last Friday’s close of Rs174.71 in the interbank foreign exchange market.
READ MORE: Dollar slips 16 paisas to PKR on rising forex reserves
The benchmark Brent crude has recorded seven-year high at above $95.68 per barrel on Monday. Pakistan is net importer of petroleum products.
The country’s oil import bill massively increased 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.
READ MORE: Dollar softens by two paisas to PKR
The international oil prices are showing upward trend due to Russia – Ukraine standoff. Experts believe further escalation of Russian army at Ukraine borders would further pressure the dollar demand in domestic market.
The rupee was remained stable during the last week. The inflows from the IMF and Sukuk proceeds strengthened the foreign exchange reserves of the country.
READ MORE: Dollar rises 39 paisas to PKR
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.
