KARACHI: The Pakistan Rupee (PKR) fell to an all-time low at Rs178.61 against the dollar on Tuesday amid significant rise in international oil prices and Ramzan related demand for imported goods.
The rupee previously recorded the all-time low at Rs178.24 to the dollar on December 29, 2021.
READ MORE: Rupee ends near record low against dollar
The rupee ended Rs178.61 to the dollar from previous day’s closing of Rs178.13 in the interbank foreign exchange market.
The local currency recorded a decline of Rs21.07 or 13.37 per cent from Rs157.54 on June 30, 2021 to the present level of Rs178.61.
READ MORE: PKR gains 33 paisas to dollar after 3-day depreciation
Currency experts said that Ramzan related commodity buying escalated the dollar demand. Besides rising oil prices in the international market also depreciated the rupee value.
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: Dollar up 21 paisas to PKR amid surge in global oil prices
The dealers said that the rise in import bill will also widen the 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: Dollar surges 21 paisas to PKR on high oil price concerns
