KARACHI: The Pak Rupee (PKR) fell against the dollar for the third straight day on Wednesday. The rupee recorded decline of 26 paisas against the dollar to end at Rs176.98 to the dollar from previous day’s closing of Rs176.72 in the interbank foreign exchange market.
The local unit cumulatively declined by 74 paisas during past three trading sessions from closing of Rs176.24 on January 21, 2022.
Currency experts said that the rupee witnessed depreciation due fall in foreign exchange reserves of the country and surge in dollar demand for import payments.
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.
The experts said that the rupee was under pressure due to higher payments for oil imports. They said that the dollar demand went up owing to rise in international oil prices.
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.