KARACHI: The US dollar appreciated against Pakistan Rupee (PKR) to hit new record high at Rs179.22 in the interbank foreign exchange market.
The rupee fell by 24 paisas to end at Rs179.22 to the dollar from last day’s closing of Rs178.98 in the interbank foreign exchange market.
The previous record low of the rupee was Rs178.98 to the dollar on March 14, 2022.
Currency experts said that the rupee was depreciated due to overall fall in other currencies against the dollar.
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.
The domestic foreign exchange market was also uncertain due to volatile oil prices in the international markets.
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.
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.
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.