PKR gains 33 paisas to dollar after 3-day depreciation

PKR gains 33 paisas to dollar after 3-day depreciation

KARACHI: The Pak Rupee (PKR) gained 33 paisas against the dollar on Friday after depreciation for past three trading sessions.

The rupee ended Rs177.50 to the dollar from last day’s closing of Rs177.83 in the interbank foreign exchange market.

READ MORE: Dollar up 21 paisas to PKR amid surge in global oil prices

Currency experts attributed the recovery in rupee value to rescheduling of foreign debt.

Pakistan a day earlier signed agreements with Saudi Fund for Development signed debt service suspension agreements amounting $846 million. The agreements have been signed under the G-20 Debt Service Suspension Initiative (DSSI) Framework.

READ MORE: Dollar surges 21 paisas to PKR on high oil price concerns

The currency experts said that the rising international oil prices were still threat to the rupee stability. The rupee was witnessed sharp decline since start of Russia-Ukraine war, which resulted in massive jump in international oil prices.

READ MORE: Dollar eases by six paisas to PKR

Pakistan’s 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.

READ MORE: Rupee dips 36 paisas to dollar in interbank

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.