Rupee eases against dollar to Rs176.68

Rupee eases against dollar to Rs176.68

KARACHI: The Pak Rupee (PKR) lost one paisa against the dollar on Monday due to high dollar demand after start of market after two weekly holidays.

The exchange rate in interbank market ended at Rs176.68 to the dollar from last Friday’s closing of Rs176.67.

Currency experts said that the market witnessed high dollar demand due to start of the market after two weekly holiday. However, the market also witnessed sufficient flows of the foreign currency which helped the rupee to stable.

The experts said that rupee might come under pressure due to surge in international oil prices and ease in foreign exchange reserves of Pakistan.

Pakistan’s oil bill recorded a 112 per cent massive growth to $8.38 billion during first five months (July – November) 2021/2022 as compared with $3.94 billion in the corresponding months of the last fiscal year.

On the other hand, the foreign exchange reserves of the country fell by $255 million to $24.019 billion by week ended December 31, 2021 as compared with $24.274 billion a week ago.

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