KARACHI: The Pak Rupee (PKR) declined by four paisas against the dollar on Wednesday owing to dollar demand after surge in international oil prices.
The rupee ended Rs176.22 to the dollar from previous day’s closing of 176.18 in the interbank foreign exchange market.
READ MORE: Rupee declines by 26 paisas to dollar on import demand
Currency experts said that the dollar demand was increasing in the local market as international oil prices were gradually rising.
According to media reports Brent crude futures rose 80 cents, or 0.9 per cent, to $88.31 a barrel at 1035 GMT, adding to a 1.2 per cent jump in the previous session. The benchmark contract touched $89.05, its highest since October 13, 2014.
READ MORE: Rupee recovers 15 paisas against dollar in interbank
Pakistan is the net importer of petroleum products. The country’s oil import bill surged by 113.39 per cent to $10.18 billion during first half (July – December) of the current fiscal year as compared with $4.77 billion in the corresponding half of the last fiscal year.
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The experts said that the latest rise in international oil price had offset the measures taken by the State Bank of Pakistan (SBP) regarding realization of export receipts. The SBP on January 05, 2022 made it mandatory for exporters to ensure their receipts within 120 days instead of 150 days.
READ MORE: SBP shortens period to 120 days for bringing export earnings
