KARACHI: The Pak Rupee (PKR) ended flat against dollar on Thursday amid rising prices of international oil prices.
The local currency ended Rs176.98, the same previous day’s level against the dollar, in the interbank foreign exchange market.
READ MORE: Rupee sinks for third straight day against dollar
The rupee ended firmer today after witnessing a gradual decline since start of the current week.
The local unit cumulatively declined by 74 paisas during first three trading sessions of the current week from closing of Rs176.24 on January 21, 2022.
READ MORE: Rupee falls 23 paisas on dollar demand surge
Currency experts attributed the rupee depreciation to fall in foreign exchange reserves of the country and surge in dollar demand for import payments.
Pakistan’s liquid foreign exchange reserves dropped by $551 million to $23.35 billion by week ended January 14, 2022 as compared with $23.901 billion by week ended January 07, 2022.
READ MORE: Rupee plummets on high oil prices
The experts said that the rupee was under pressure due to higher payments for oil imports. They said that the dollar demand went up owing to rise in international oil prices.
The oil bill of Pakistan jumped by 113.4 per cent during first half of the current fiscal year. The bill surged to $10.18 billion during July – December 2021/2022 as compared with $4.77 billion in the corresponding period of the last fiscal year.
