KARACHI: The US dollar gained 39 paisas against the Pak Rupee (PKR) on Wednesday due to increase in dollar demand for import payment.
The rupee ended Rs174.89 to the dollar from previous day’s closing of Rs174.50 in the interbank foreign exchange market.
READ MORE: Dollar ends up three paisas to PKR
Currency experts said that high oil prices and rise in domestic demand increased the dollar demand for import payments.
The oil import bill surged by 113.40 per cent to $10.18 billion during first half (July –December) 2021/2022 as compared with $4.77 billion in the same period of the last fiscal year.
READ MORE: Rupee ends flat to dollar amid import payment demand
The experts said that fate of the local currency would be dependent upon the demand for import payments.
The import bill for the month of January 2022 fell by 22 per cent to $5.9 billion as compared with $7.58 billion in the previous month of December 2021.
READ MORE: Dollar plunges by PKR 1.04 in interbank
However, total import bill is still growing at 59 per cent to $46.47 billion during first seven months (July – January) 2021/2022 as compared with $29.25 billion in the corresponding period of the last fiscal year.
READ MORE: PKR up 89 paisas to dollar as IMF okays Pak tranche
