KARACHI: The US dollar on Thursday gained 21 paisas against the Pak Rupee (PKR) as international oil prices surged to eight years high.
The rupee ended at Rs177.83 to the dollar from previous day’s closing of Rs177.62 in the interbank foreign exchange market.
The international oil prices recorded gradual increase following Russian supply concerns after war with Ukraine. The benchmark Brent crude recorded 8-year high at $119 per barrel.
Currency experts said dollar demand for oil payment may further rise in coming days. The local unit fell to historic low at Rs178.24 against the dollar on December 29, 2021.
The import bill of petroleum group recorded an increase of 107 per cent to $11.7 billion during first seven months of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.
The surge in dollar demand for import bill will further weaken balance of payment as current account deficit already touched record in January 2022.
The country’s Current Account Deficit (CAD) surged to its highest ever monthly deficit of $2.6 billion in January 2022 ($1.9 billion in December 2021) taking CAD of $11.6 billion during the first seven months of the current fiscal year.