KARACHI: The losing streak of Pakistan Rupee (PKR) against dollar for the seventh consecutive session on Tuesday as the foreign currency hit another high of Rs181.73 in the interbank foreign exchange market.
In today’s trading the rupee fell 48 paisas against the dollar from previous day’s closing of Rs181.25 in the interbank foreign exchange market.
READ MORE: Rupee collapses to dollar at record low Rs181.25
The local currency depreciated by Rs3.22 or 1.80 per cent during the past seven trading sessions.
Currency experts said political uncertainty, current account deficit and trade deficit put pressure on the rupee value.
They said that a no-confidence motion moved against the prime minister by the opposition parties had resulted in negative sentiments in the market.
READ MORE: Dollar continues to make historic high; hits Rs180.57
The dollar demand was also rising due to import of commodities related to the holy month of Ramzan.
The local forex market is also uncertain due to volatile oil prices in the international markets.
Further, the external payments, foreign exchange reserves declined and it pushed the rupee to fall sharply.
READ MORE: Dollar climbs new peak PKR 180.07 at interbank closing
The foreign exchange reserves of the country fell by $386 million to $22.283 billion by the week ended March 11, 2022 as against $22.669 billion a week ago. The official reserves of the State Bank fell by $381 million to $15.831 billion by the week ended March 11, 2022 as compared with $16.212 billion a week ago.
READ MORE: Dollar advances to fresh high at Rs179.44
The country spent $11.69 billion for the import of petroleum products during the first seven months (July – February) 2021/2022 as compared with $5.64 billion in the corresponding period of the last fiscal year, showing an increase of 107 per cent.