KARACHI: The Pak Rupee (PKR) dropped by 27 paisas against the dollar on Thursday on the foreign currency demand for import payments.
The rupee ended at Rs176.49 to the dollar from previous day’s closing of Rs176.22 in the interbank foreign exchange market.
READ MORE: Rupee falls four paisas on dollar demand
Currency experts said that the market witnessed higher dollar demand due to rise in international oil prices. They said that the local currency plummeted for the third consecutive trading sessions due to gradual rise in international oil prices.
The Brent crude recorded $89.17 at closing of Wednesday.
READ MORE: Rupee declines by 26 paisas to dollar on import demand
The experts said that the falling foreign exchange reserves of the country were another reason for the rupee depreciation.
The foreign exchange reserves of the country fell by $118 million to $23.901 billion by the week ended January 07, 2022 as compared with $24.019 billion by the week ended December 31, 2021. The official reserves of the SBP declined by $88 million to $17.598 billion by the week ended January 07, 2022 as compared with $17.686 billion a week ago.
READ MORE: Rupee recovers 15 paisas against dollar in interbank
The experts said that the latest measures of the State Bank of Pakistan (SBP) had supported the rupee from free-fall. The SBP on January 05, 2022 made it mandatory for exporters to ensure export receipts within 120 days instead of 150 days.
READ MORE: SBP shortens period to 120 days for bringing export earnings
