PKR slides 47 paisas to dollar on payment demand

PKR slides 47 paisas to dollar on payment demand

KARACHI: The Pak Rupee (PKR) fell by 47 paisas against the dollar on Friday owing to rising dollar demand for import payment demand.

The rupee ended Rs175.86 to the dollar from previous day’s closing of Rs175.39 in the interbank foreign exchange market.

READ MORE: Rupee rallies 28 paisas to dollar as world oil prices slide

Currency experts said that the rupee remained under pressure during the day owing to dollar demand for import payments in the wake of next two weekly holidays.

Further they said that the volatile international oil prices also adversely impacting the local unit.

READ MORE: Dollar falls 11 paisas to PKR as global oil prices ease

Pakistan is one of the major importers of the petroleum products. The upward movement in the international oil prices also increase the demand for the foreign currency in the local market.

The oil import 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 slips for second straight day against dollar

The experts said that the declining foreign exchange reserves were also another reason for depreciation in the rupee value.

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: Dollar jumps up by 76 paisas to PKR on high oil prices

Leave a Reply

Your email address will not be published. Required fields are marked *