KARACHI: The Pak Rupee (PKR) made a gain of 7 paisas to the dollar on Wednesday as easing prices of international oil.
The rupee ended Rs176.16 to the dollar from previous day’s closing of Rs176.23 in the interbank foreign exchange market.
READ MORE: Rupee plummets 48 paisas to dollar
Currency experts said that the oil prices in the international market witnessed ease which helped the local currency to rebound against the dollar.
The benchmark Brent crude fell to $76.25 per barrel after hitting $99.50 on Tuesday owing to Russia – Ukraine tensions.
READ MORE: Dollar falls 11 paisas to PKR
Pakistan is net importers of oil products to meet the local demand. The oil bill of the country surged by 107 per cent to $11.7 billion during the first seven months (July – January) of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.
READ MORE: PKR slides 47 paisas to dollar on payment demand
On the other hand, the scheduled repayment of foreign debt by the government was another reason for rupee depreciation.
The liquid foreign exchange reserves of the country slipped by $231 million to $23.49 billion by the week ended February 11, 2022 as compared with $23.721 billion a week ago. Similarly, the official reserves of the State Bank of Pakistan (SBP) fell by $241 million to $17.096 billion by the week ended February 11, 2022 as compared with $17.337 billion a week ago.
READ MORE: Rupee rallies 28 paisas to dollar as world oil prices slide
