Rupee plummets 48 paisas to dollar

Rupee plummets 48 paisas to dollar

KARACHI: The Pak Rupee (PKR) fell by 48 paisas against the dollar on Tuesday amid rising oil prices in the international markets.

The rupee ended Rs176.23 to the dollar from previous day’s close of Rs175.75 in the interbank foreign exchange market.

READ MORE: Dollar falls 11 paisas to PKR

Currency experts said that rupee was under pressure during the day owing to expectations of rising oil import bill.

The oil prices in the international market continuously rising after Russia-Ukraine tensions. The benchmark Brent crude reached to near $100 barrel.

READ MORE: PKR slides 47 paisas to dollar on payment demand

Pakistan is net importers of oil products to meet the local demand. The oil bill of the country surged by 107 per cent to $11.7 billion during the first seven months (July – January) of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

READ MORE: Rupee rallies 28 paisas to dollar as world oil prices slide

On the other hand, the scheduled repayment of foreign debt by the government was another reason for rupee depreciation.

The liquid foreign exchange reserves of the country slipped by $231 million to $23.49 billion by the week ended February 11, 2022 as compared with $23.721 billion a week ago. Similarly, the official reserves of the State Bank of Pakistan (SBP) fell by $241 million to $17.096 billion by the week ended February 11, 2022 as compared with $17.337 billion a week ago.

READ MORE: Dollar falls 11 paisas to PKR as global oil prices ease

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