Rupee plummets on high oil prices

Rupee plummets on high oil prices

KARACHI: The Pak Rupee (PKR) plummeted by 25 paisas against the dollar on Monday owing as international oil prices hovered above $88 per barrel, market sources said.

The rupee ended Rs176.49 to the dollar as compared with last Friday’s closing of Rs176.24 in the interbank foreign exchange market.

READ MORE: Rupee recovers 25 paisas on easing oil prices

The sources said that the rupee was under pressure during the due to high dollar demand. They said that the dollar demand went up owing to rise in international oil prices.

READ MORE: Rupee drops 27 paisas against dollar

The benchmark Brent crude was recorded at $88.22 per barrel.

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.

READ MORE: Rupee falls four paisas on dollar demand

They said that the rupee was depreciated due to fall in foreign exchange reserves of the country.

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.

READ MORE: Rupee declines by 26 paisas to dollar on import demand