KARACHI: The Pak Rupee (PKR) dipped by 36 paisas against the dollar on Monday owing to higher demand for import payments as the market opened after two weekly holidays.
The rupee ended Rs177.47 to the dollar from last Friday’s closing of Rs177.11 in the interbank foreign exchange market.
READ MORE: Rupee plunges 72 paisas to dollar on Russia War
The rupee depreciated by around Rs1.09 against the dollar during last three trading sessions.
Currency experts said that the rupee witnessed a decline since Russia launched attack on Ukraine and resultantly oil prices climbing up in the international markets.
Pakistan is a major importer of petroleum products, the impact is directly seen on the rupee value.
Besides, the impact of high oil prices and the ballooning current account deficit also pressured the rupee during the day.
READ MORE: PKR slides 23 paisas to dollar on Russia-Ukraine war
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.
The rupee was also falling due to ease in foreign exchange reserves of the country.
READ MORE: PKR gains seven paisas to dollar in interbank
The liquid foreign exchange reserves of Pakistan declined by $264 million to $23.226 billion by the week ended February 18, 2022. The foreign exchange reserves of the country were $23.49 billion by the week ended February 11, 2022. The official reserves of the State Bank fell by $289 million to $16.807 billion by the week ended February 18, 2022 as compared with $17.096 billion a week ago.
