Rupee ends flat to dollar, maintains all-time low level

Rupee ends flat to dollar, maintains all-time low level

KARACHI: The Pak Rupee (PKR) ended flat against the dollar to remain at the historic low level of Rs178.63 on Thursday.

The rupee recorded the historic low level of Rs178.63 to the dollar in the interbank foreign exchange market.

READ MORE: Dollar inches up to make new high at PKR 178.63

Currency experts said that the ease in international oil prices helped the rupee to maintain level. However, they said that dollar demand for imports related to holy month of Ramzan is still high.

They said that the oil prices in the international markets fell sharply and recorded 13 per cent decline in a single day in last two years. Pakistan is net importer of petroleum products and changes in prices in international markets directly affect the balance of payment of the country.

READ MORE: Rupee falls to all-time low against dollar at Rs178.61

The import bill of petroleum group recorded an increase of 107 per cent to $11.7 billion during first seven months of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

READ MORE: Rupee ends near record low against dollar

The higher imports have resulted in widening of current account deficit. 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.

READ MORE: PKR gains 33 paisas to dollar after 3-day depreciation

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