KARACHI: The Pak Rupee (PKR) fell by 23 paisas against the dollar on Tuesday owing to higher import demand and falling foreign exchange reserves.
The rupee ended Rs176.72 to the dollar from previous day’s closing of Rs176.49 in the interbank foreign exchange market.
READ MORE: Rupee plummets on high oil prices
Currency experts said that the rupee witnessed depreciation due fall in foreign exchange reserves of the country and surge in dollar demand for import payments.
READ MORE: Rupee recovers 25 paisas on easing oil prices
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.
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.
READ MORE: Rupee drops 27 paisas against dollar
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.
