KARACHI: The Pak Rupee (PKR) ended near to historic low against the dollar on Monday owing to oil prices spiked to multi-year high in international markets.
The rupee fell by 63 paisas and was trading at Rs178.13 to the dollar as compared with last Friday’s closing of Rs177.50 in interbank foreign exchange market.
The rupee recorded historic low at Rs178.24 to the dollar on December 29, 2021.
Currency experts said that the uncertainty over oil prices pressured the local currency. The oil prices soared to $140 per barrel in international markets.
They said that the rising international oil prices were still threat to the rupee stability. The rupee was witnessed sharp decline since start of Russia-Ukraine war, which resulted in massive jump in international oil prices.
Pakistan’s 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.
The surge in dollar demand for import bill will further weaken balance of payment as current account deficit already touched record in January 2022.
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.