Dollar slips 16 paisas to PKR on rising forex reserves

Dollar slips 16 paisas to PKR on rising forex reserves

KARACHI: Dollar extended losses against the Pak Rupee (PKR) on Friday due to significant rise in foreign exchange was seen followed by inflows from foreign lending agency and sale of Islamic bonds.

The interbank foreign exchange market closed at Rs174.71 to the dollar from previous day’s closing of Rs174.87.

READ MORE: Dollar softens by two paisas to PKR

Currency experts said the rupee made gain because of significant increase in foreign exchange reserves was recorded.

Pakistan’s foreign exchange reserves increased by $1.65 billion to $23.72 billion by week ended February 04, 2022 as against $22.084 billion by week ended January 28, 2022. The State Bank of Pakistan (SBP) attributed the rise in officials foreign exchange reserves to inflows of $ 1,053 million received from IMF under EFF program and proceeds against Pakistan International Sukuk Bond issuance of $1,000 million.

READ MORE: Dollar rises 39 paisas to PKR

They said that the ease in international oil prices was also helped the rupee to make gain. Pakistan is net importer of petroleum products. Any change in international oil prices directly hit the oil bill.

READ MORE: Dollar ends up three paisas to PKR

The oil import bill climbed up 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