Rupee recovers 25 paisas on easing oil prices

Rupee recovers 25 paisas on easing oil prices

KARACHI: The Pak Rupee (PKR) recovered 25 paisas against the dollar on Friday owing to ease in international oil prices.

The rupee ended Rs176.24 to the dollar from previous day’s closing of Rs176.49 in the interbank foreign exchange market.

READ MORE: Rupee drops 27 paisas against dollar

Currency experts said that rising coronavirus around the globe caused ease in demand. The international oil prices also fell during past couple of days.

The benchmark Brent crude fell to $86.83 per barrel, which had touched $89.17 per barrel couple of days ago.

READ MORE: Rupee falls four paisas on dollar demand

It is important to note that the local currency recovered despite the reports of falling foreign exchange reserves.

Pakistan’s liquid foreign exchange reserves dropped by $551 million to $23.35 billion by week ended January 14, 2022 as against $23.901 billion by week ended January 07, 2022.

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

The official foreign exchange reserves of the SBP fell by $562 million to $17.036 billion by week ended January 14, 2022 as compared with $17.598 billion a week ago. The SBP attributed the fall in foreign exchange reserves to external debt and other payments.

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