KARACHI: The US dollar slipped by five paisas against the Pak Rupee (PKR) on Monday as sufficient supply of the foreign currency was seen during the day.
The rupee ended Rs176.72 to the dollar from last Friday’s closing of Rs176.77 in the interbank foreign exchange market.
READ MORE: Rupee rebounds amid high oil prices
Currency experts said that the market witnessed inflows of export receipts and remittances during the day. It helped the rupee to make gain against the foreign currency.
The experts said that the rupee witnessed decline earlier in the day due to reports of massive fall in foreign exchange reserves of the country.
READ MORE: Rupee ends firmer amid rising international oil prices
Pakistan’s liquid foreign exchange reserves plunged by $866 million to $22.482 billion by week ended January 21, 2022 as against $23.35 billion by week ended January 14, 2022.
READ MORE: Rupee sinks for third straight day against dollar
The experts said that the rupee may come under pressure during coming days as global oil prices escalating gradually.
Pakistan is the net importer of petroleum products. The rise in prices may increase oil import bill of the country.
