KARACHI: The Pak Rupee (PKR) slipped for the second straight day against the US dollar on Tuesday owing to surge in international oil prices.
The rupee ended down by 31 paisas against the dollar to Rs175.78 from previous day’s closing of Rs175.47 in the interbank foreign exchange market.
READ MORE: Dollar jumps up by 76 paisas to PKR on high oil prices
Currency experts said that the rupee was under pressure due to higher import payment for petroleum products.
The international oil prices have witnessed a continuous rise due to Russia-Ukraine tensions.
The Brent crude hit a seven-year high at $96.48 in the international markets.
READ MORE: Dollar slips 16 paisas to PKR on rising forex reserves
Pakistan is dependent on import of petroleum products to meet domestic demand. The oil import bill rose by 113.40 per cent to $10.18 billion during the first half (July –December) 2021/2022 as compared with $4.77 billion in the same period of the last fiscal year.
The local currency fell around Rs1.07 during the past two days. The rupee was able to recover after falling Rs178.24 on December 29, 2021 following to strong economic indicators and external inflows.
READ MORE: Dollar softens by two paisas to PKR
The total liquid foreign exchange reserves of the country significantly climbed up by $1.637 billion to $23.721 billion by the week ended February 04, 2022 as against $22.084 billion by the week ended January 28, 2022. The official reserves of the State Bank of Pakistan (SBP) also increased by $1.61 billion to $17.337 billion by the week ended February 04, 2022 as compared with $15.727 billion a week ago.
