Tag: Interbank Foreign Exchange Market

KARACHI: The US dollar halted five days gaining streak of the Pakistan Rupee (PKR) on Friday after the foreign exchange reserves of the central bank fell below $10 billion.

The exchange rate witnessed 33 paisas decline to end at Rs197.92 to the dollar from previous day’s closing of Rs197.59 in the interbank foreign exchange market.

The dollar made a gain after five days consecutive decline against the rupee.

READ MORE: Dollar weakens for 5th straight day; ends at Rs197.59

The foreign exchange reserves of the State Bank of Pakistan (SBP) fell two years low to $9.72 billion by week ended May 27, 2022. The SBP foreign exchange reserves were at $10.089 billion a week ago i.e. May 20, 2022. The central bank said that its reserves were decreased by $366 million to $ 9.723 billion due to external debt repayment. The SBP’s foreign exchange reserves were at $9.96 billion on June 19, 2020.

The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $10.423 billion by week ended May 27, 2022 from touching the peak on August 27, 2021. The official reserves of the SBP also reduced to payment for 1.46 months for import cover.

READ MORE: SBP’s forex reserves fall two-year low to $9.72 billion

Overall the foreign exchange reserves of the country declined by $379 million to $15.771 billion by week ended May 27, 2022 as compared with $16.150 billion a week ago. The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $11.547 billion.

The dollar hit record high at Rs202.01 on May 26, 2022. However, with the decision of the government to partially withdraw the subsidy to get next tranche of the IMF, the rupee sharply made gains against the dollar. The local unit made a recovery of Rs4.42 against the dollar during past five sessions.

READ MORE: Dollar loses Rs4.14 in four sessions; falls to Rs197.87

The rupee remained under pressure against the greenback during the current fiscal year. The State Bank of Pakistan (SBP) has taken various measures to support balance of payment and the local currency. However, the measures ended in a failure to help the rupee to recover losses.

The SBP on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent.

Recently the government announced to impose a complete ban on imports to support balance of payment and help rupee to stable. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.

Pakistan’s import bill massively increased to $72.18 billion during first 11 months (July – May) 2021/2022 as compared with $50.03 billion in the same period of the last fiscal year, showing an increase of 44.28 per cent.

READ MORE: Pakistan’s trade deficit balloons $43.33 bn in 11 months

Pakistan is a net importer of petroleum products to meet its domestic demand. The country’s energy bill was $17.03 billion during the first nine 10 months (July – April) 2021/2022 as compared with $8.69 billion in the corresponding period of the last fiscal year, showing a massive growth of 96 per cent. The oil bill is around 25 per cent of the total import bill of the country.

KARACHI: The Pakistan Rupee (PKR) rallied against the dollar for the fifth consecutive day on Thursday as the exchange rate ended at Rs197.59 to the dollar in interbank foreign exchange market.

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KARACHI: The US dollar has lost around Rs4.14 against the Pakistan Rupee (PKR) during last four sessions to end at Rs197.87 in the interbank foreign exchange market on Wednesday.

The dollar hit record high at Rs202.01 on May 26, 2022. However, with the decision of the government to partially withdraw the subsidy to get next tranche of the IMF, the rupee sharply made gains against the dollar.

READ MORE: Rupee continues recovery against dollar; ends at Rs198.46

The exchange rate witnessed 59 paisas gain in rupee value against the dollar on Wednesday from previous day’s closing of Rs198.46 in the interbank foreign exchange market.

The market sources said that the rupee remained in recovery mode due to rumors of further tightening on fiscal side.

The exchange rate was at Rs185.63 on April 29, 2022 and since then the local unit continued its free fall to reach at the historic level of Rs202.01 to the dollar on May 26, 2022.

The rupee remained under pressure against the greenback during the current fiscal year. The State Bank of Pakistan (SBP) has taken various measures to support balance of payment and the local currency. However, the measures ended in a failure to help the rupee to recover losses.

READ MORE: Rupee recovers 70 paisas against dollar in interbank

The SBP on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent.

Recently the government announced to impose a complete ban on imports to support balance of payment and help rupee to stable. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.

Currency experts said that massive fall in foreign exchange reserves and high import payments were the major reasons behind rupee fall.

Pakistan’s foreign exchange (forex) reserves eased to $16.15 billion by week ended May 20, 2022. The foreign exchange reserves were at $16.161 billion a week ago i.e. May 13, 2022. The country’s foreign exchange reserves hit record high at $27.228 billion by week ended August 27, 2021. Since then the foreign exchange reserves have depleted by $11.078 billion.

READ MORE: Rupee ends month-long losing streak; dollar at Rs199.76

The official reserves of the State Bank witnessed a decline of $178 million to $10.089 billion by week ended May 20, 2022 as compared with $10.164 billion a week ago. The SBP reserves reached to record high at $20.145 billion by August 27, 2021. The official reserves also fell by $10.056 billion after reaching record high. The official reserves of the SBP have been reduced to provide import payment cover for only 1 ½ months.

The import bill of the country surged by 46.41 per cent to $65.49 billion during the first 10 months of the current fiscal year as compared with $44.73 billion in the corresponding months of the last fiscal year.

Pakistan is a net importer of petroleum products to meet its domestic demand. The country’s energy bill was $17.03 billion during the first nine 10 months (July – April) 2021/2022 as compared with $8.69 billion in the corresponding period of the last fiscal year, showing a massive growth of 96 per cent. The oil bill is around 25 per cent of the total import bill of the country.

READ MORE: Rupee makes historic low at Rs202 against dollar

KARACHI: The Pakistan Rupee (PKR) continued recovery against the US dollar for third consecutive day on Tuesday on rumors further increase in petroleum prices for ensuring release of next IMF tranche.

The exchange rate ended with a gain of 60 paisas in rupee value to end at Rs198.46 to the dollar from previous day’s closing of Rs199.06 in the interbank foreign exchange market.

READ MORE: Rupee recovers 70 paisas against dollar in interbank

The rupee high all-time low of Rs202.01 to the dollar on May 26, 2022.

On the same day, the government decided to withdraw a portion of subsidy and announced a sharp increase of Rs30 per liter in prices of each petroleum products.

The market is expecting the government decision would pave way for release of tranche under Extended Fund Facility (EFF) by the International Monetary Fund (IMF).

However, after the decision to increase the prices of petroleum products the rupee recovered Rs3.55 to the dollar in next three sessions.

READ MORE: Rupee ends month-long losing streak; dollar at Rs199.76

The market sources said that the rupee remained in recovery mode due to rumors of further increase in prices of petroleum products.

The exchange rate was at Rs185.63 on April 29, 2022 and since then the local unit continued its free fall to reach at the historic level of Rs202.01 to the dollar on May 26, 2022.

The rupee remained under pressure against the greenback during the current fiscal year. The State Bank of Pakistan (SBP) has taken various measures to support balance of payment and the local currency. However, the measures ended in a failure to help the rupee to recover losses.

READ MORE: Rupee makes historic low at Rs202 against dollar

The SBP on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent.

Recently the government announced to impose a complete ban on imports to support balance of payment and help rupee to stable. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.

Currency experts said that massive fall in foreign exchange reserves and high import payments were the major reasons behind rupee fall.

Pakistan’s foreign exchange (forex) reserves eased to $16.15 billion by week ended May 20, 2022. The foreign exchange reserves were at $16.161 billion a week ago i.e. May 13, 2022. The country’s foreign exchange reserves hit record high at $27.228 billion by week ended August 27, 2021. Since then the foreign exchange reserves have depleted by $11.078 billion.

The official reserves of the State Bank witnessed a decline of $178 million to $10.089 billion by week ended May 20, 2022 as compared with $10.164 billion a week ago. The SBP reserves reached to record high at $20.145 billion by August 27, 2021. The official reserves also fell by $10.056 billion after reaching record high. The official reserves of the SBP have been reduced to provide import payment cover for only 1 ½ months.

READ MORE: Dollar continues record-breaking journey to reach Rs201.92

The import bill of the country surged by 46.41 per cent to $65.49 billion during the first 10 months of the current fiscal year as compared with $44.73 billion in the corresponding months of the last fiscal year.

Pakistan is a net importer of petroleum products to meet its domestic demand. The country’s energy bill was $17.03 billion during the first nine 10 months (July – April) 2021/2022 as compared with $8.69 billion in the corresponding period of the last fiscal year, showing a massive growth of 96 per cent. The oil bill is around 25 per cent of the total import bill of the country.

READ MORE: Dollar hits record high at Rs201.41 despite monetary tightening

KARACHI: The Pakistan Rupee (PKR) ended its almost month-long losing streak against the dollar on Friday May 27, 2022 by gaining Rs2.25 to end at Rs199.76 in the interbank foreign exchange market.

The rupee make recovery after the government decided to increase prices of petroleum products to pave way for release of tranche under Extended Fund Facility (EFF) by the International Monetary Fund (IMF).

READ MORE: Rupee makes historic low at Rs202 against dollar

The exchange rate was at Rs185.63 on April 29, 2022 and since then the local unit continued its free fall to reach at the historic level of Rs202.01 to the dollar on May 26, 2022.

The rupee remained under pressure against the greenback during the current fiscal year. The State Bank of Pakistan (SBP) has taken various measures to support balance of payment and the local currency. However, the measures ended in a failure to help the rupee to recover losses.

READ MORE: Dollar continues record-breaking journey to reach Rs201.92

The State Bank of Pakistan (SBP) on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent.

Last week the government announced to impose a complete ban on imports to support balance of payment and help rupee to stable. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.

Currency experts said that massive fall in foreign exchange reserves and high import payments were the major reasons behind rupee fall.

Pakistan’s foreign exchange (forex) reserves eased to $16.15 billion by week ended May 20, 2022. The foreign exchange reserves were at $16.161 billion a week ago i.e. May 13, 2022. The country’s foreign exchange reserves hit record high at $27.228 billion by week ended August 27, 2021. Since then the foreign exchange reserves have depleted by $11.078 billion.

READ MORE: Dollar hits record high at Rs201.41 despite monetary tightening

The official reserves of the State Bank witnessed a decline of $178 million to $10.089 billion by week ended May 20, 2022 as compared with $10.164 billion a week ago. The SBP reserves reached to record high at $20.145 billion by August 27, 2021. The official reserves also fell by $10.056 billion after reaching record high. The official reserves of the SBP have been reduced to provide import payment cover for only 1 ½ months.

READ MORE: Dollar hits fresh high at Rs200.93 as rupee free-fall continues

The import bill of the country surged by 46.41 per cent to $65.49 billion during the first 10 months of the current fiscal year as compared with $44.73 billion in the corresponding months of the last fiscal year.

Pakistan is a net importer of petroleum products to meet its domestic demand. The country’s energy bill was $17.03 billion during the first nine 10 months (July – April) 2021/2022 as compared with $8.69 billion in the corresponding period of the last fiscal year, showing a massive growth of 96 per cent. The oil bill is around 25 per cent of the total import bill of the country.

KARACHI: The Pakistan Rupee (PKR) continued to bleed against the dollar on Thursday as exchange rate ended at Rs202 to the dollar at closing of interbank foreign exchange market.

The rupee lost eight paisas against the dollar from previous day’s closing of Rs210.92 in the interbank foreign exchange market.

READ MORE: Dollar continues record-breaking journey to reach Rs201.92

Currency experts believed that delay in tranche under IMF bailout package had further deteriorated the local currency.

Besides, political uncertainty remained the major reason for the rupee depreciation.

The rupee for the last one year remained under pressure due to weak economic indicators including ballooning current account deficit, high import payments and depletion in foreign exchange reserves.

The State Bank of Pakistan (SBP) on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent, considering the weak economic indicators.

The SBP hiked the rate with arguments that after contracting by 0.9 percent in FY20 in the wake of Covid, the economy has rebounded much more strongly than anticipated, growing by 5.7 percent last year and accelerating to 5.97 percent this year, as per provisional estimates.

READ MORE: Dollar hits record high at Rs201.41 despite monetary tightening

“At 13.4 percent (y/y), headline inflation unexpectedly rose to a two-year high in April and has now been in double digits for six consecutive months. Inflation momentum was also elevated, at 1.6 percent (m/m), and core inflation rose further to 10.9 and 9.1 percent in rural and urban areas, respectively. On the external front, notwithstanding some encouraging moderation in the current account deficit during April, the Rupee depreciated further due both to domestic uncertainty as well as recent strengthening of the US dollar in international markets following tightening by the Federal Reserve.”

The present government inherited with serious economic challenges including falling foreign exchange reserves and ballooning current account deficit. The PML-N led coalition government is negotiating with the IMF for bailout package amid these economic crisis.

Last week the government announced to impose a complete ban on imports to support balance of payment and help rupee to stable. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.

Currency experts said that massive fall in foreign exchange reserves and high import payments were the major reasons behind rupee fall.

READ MORE: Dollar hits fresh high at Rs200.93 as rupee free-fall continues

Pakistan’s foreign exchange reserves fell to $16.161 billion by the week ended May 13, 2022. The foreign exchange reserves of the country were $16.373 billion by week ended May 6, 2022.

The country’s foreign exchange reserves hit record high at $27.228 billion by the week ended August 27, 2021. Since then the foreign exchange reserves have depleted by $11.067 billion.

The official reserves of the State Bank witnessed a decline of $146 million to $10.163 billion by the week ended May 13, 2022 as compared with $10.309 billion a week ago.

The SBP reserves reached a record high at $20.145 billion by August 27, 2021. The official reserves also fell by around $10 billion after reaching record high. The official reserves of the SBP have been reduced to provide import payment cover for only 1.50 months.

READ MORE: Dollar touches new peak at Rs200.14

The import bill of the country surged by 46.41 per cent to $65.49 billion during the first 10 months of the current fiscal year as compared with $44.73 billion in the corresponding months of the last fiscal year.

Pakistan is a net importer of petroleum products to meet its domestic demand. The country’s oil bill was $14.81 billion during the first nine months (July – March) 2021/2022 as compared with $7.55 billion in the corresponding period of the last fiscal year, showing a massive growth of 96 per cent. The oil bill is around 25 per cent of the total import bill of the country.

KARACHI: The US dollar appreciated by 58 paisas against the Pakistan Rupee (PKR) to make new high at Rs202.50 in midday trading at the interbank foreign exchange market on Thursday.

The exchange rate ended at Rs201.92 to the dollar a day earlier in the interbank foreign exchange market.

Currency experts said that delay in IMF next tranche further deteriorated the rupee value.foreign exchange market was under pressure due to deepening in political uncertainties.

READ MORE: Dollar continues record-breaking journey to reach Rs201.92

The State Bank of Pakistan (SBP) on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent, considering the weak economic indicators.

The SBP hiked the rate with arguments that after contracting by 0.9 percent in FY20 in the wake of Covid, the economy has rebounded much more strongly than anticipated, growing by 5.7 percent last year and accelerating to 5.97 percent this year, as per provisional estimates.

“At 13.4 percent (y/y), headline inflation unexpectedly rose to a two-year high in April and has now been in double digits for six consecutive months. Inflation momentum was also elevated, at 1.6 percent (m/m), and core inflation rose further to 10.9 and 9.1 percent in rural and urban areas, respectively. On the external front, notwithstanding some encouraging moderation in the current account deficit during April, the Rupee depreciated further due both to domestic uncertainty as well as recent strengthening of the US dollar in international markets following tightening by the Federal Reserve.”

READ MORE: Dollar hits record high at Rs201.41 despite monetary tightening

The present government inherited with serious economic challenges including falling foreign exchange reserves and ballooning current account deficit. The PML-N led coalition government is negotiating with the IMF for bailout package amid these economic crisis.

Last week the government announced to impose a complete ban on imports to support balance of payment and help rupee to stable. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.

READ MORE: Dollar hits fresh high at Rs200.93 as rupee free-fall continues

Currency experts said that massive fall in foreign exchange reserves and high import payments were the major reasons behind rupee fall.

Pakistan’s foreign exchange reserves fell to $16.161 billion by the week ended May 13, 2022. The foreign exchange reserves of the country were $16.373 billion by week ended May 6, 2022.

The country’s foreign exchange reserves hit record high at $27.228 billion by the week ended August 27, 2021. Since then the foreign exchange reserves have depleted by $11.067 billion.

The official reserves of the State Bank witnessed a decline of $146 million to $10.163 billion by the week ended May 13, 2022 as compared with $10.309 billion a week ago.

READ MORE: Dollar touches new peak at Rs200.14

The SBP reserves reached a record high at $20.145 billion by August 27, 2021. The official reserves also fell by around $10 billion after reaching record high. The official reserves of the SBP have been reduced to provide import payment cover for only 1.50 months.

The import bill of the country surged by 46.41 per cent to $65.49 billion during the first 10 months of the current fiscal year as compared with $44.73 billion in the corresponding months of the last fiscal year.

Pakistan is a net importer of petroleum products to meet its domestic demand. The country’s oil bill was $14.81 billion during the first nine months (July – March) 2021/2022 as compared with $7.55 billion in the corresponding period of the last fiscal year, showing a massive growth of 96 per cent. The oil bill is around 25 per cent of the total import bill of the country.

KARACHI: The US dollar continued its journey to make new highs on Wednesday and reached to historic high of Rs201.92 against the Pakistan Rupee (PKR) in interbank foreign exchange market.

The exchange rate recorded a dip of 51 paisas in rupee value to end at Rs201.92 to the dollar from previous day’s closing of Rs201.41 in the interbank foreign exchange market.

Currency experts said that foreign exchange market was under pressure due to deepening in political uncertainties.

The former ruling party Pakistan Tehreek I Insaaf (PTI) today (May 25, 2022) launched its long march and sit-in demanding the present PML-N led government to resign and announce fresh elections.

READ MORE: Dollar hits record high at Rs201.41 despite monetary tightening

PTI Chairman Imran Khan on April 10, 2022 was removed from the post of the prime minister through a no-confidence motion. However, Khan claimed that it was result of a conspiracy hatched by local handlers on the behest of administration in the US.

Since the removal of Imran Khan, the rupee fell by around Rs17.24 or 9.33 per cent from Rs184.68 on closing of April 08, 2022 to the current level of Rs201.92 against the dollar.

The State Bank of Pakistan (SBP) on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent, considering the weak economic indicators.

The SBP hiked the rate with arguments that after contracting by 0.9 percent in FY20 in the wake of Covid, the economy has rebounded much more strongly than anticipated, growing by 5.7 percent last year and accelerating to 5.97 percent this year, as per provisional estimates.

READ MORE: Dollar hits fresh high at Rs200.93 as rupee free-fall continues

“At 13.4 percent (y/y), headline inflation unexpectedly rose to a two-year high in April and has now been in double digits for six consecutive months. Inflation momentum was also elevated, at 1.6 percent (m/m), and core inflation rose further to 10.9 and 9.1 percent in rural and urban areas, respectively. On the external front, notwithstanding some encouraging moderation in the current account deficit during April, the Rupee depreciated further due both to domestic uncertainty as well as recent strengthening of the US dollar in international markets following tightening by the Federal Reserve.”

The present government inherited with serious economic challenges including falling foreign exchange reserves and ballooning current account deficit. The PML-N led coalition government is negotiating with the IMF for bailout package amid these economic crisis.

Last week the government announced to impose a complete ban on imports to support balance of payment and help rupee to stable. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.

READ MORE: Dollar touches new peak at Rs200.14

Currency experts said that massive fall in foreign exchange reserves and high import payments were the major reasons behind rupee fall.

Pakistan’s foreign exchange reserves fell to $16.161 billion by the week ended May 13, 2022. The foreign exchange reserves of the country were $16.373 billion by week ended May 6, 2022.

The country’s foreign exchange reserves hit record high at $27.228 billion by the week ended August 27, 2021. Since then the foreign exchange reserves have depleted by $11.067 billion.

The official reserves of the State Bank witnessed a decline of $146 million to $10.163 billion by the week ended May 13, 2022 as compared with $10.309 billion a week ago.

READ MORE: Dollar hits record Rs200 at interbank trading

The SBP reserves reached a record high at $20.145 billion by August 27, 2021. The official reserves also fell by around $10 billion after reaching record high. The official reserves of the SBP have been reduced to provide import payment cover for only 1.50 months.

The import bill of the country surged by 46.41 per cent to $65.49 billion during the first 10 months of the current fiscal year as compared with $44.73 billion in the corresponding months of the last fiscal year.

Pakistan is a net importer of petroleum products to meet its domestic demand. The country’s oil bill was $14.81 billion during the first nine months (July – March) 2021/2022 as compared with $7.55 billion in the corresponding period of the last fiscal year, showing a massive growth of 96 per cent. The oil bill is around 25 per cent of the total import bill of the country.

READ MORE: Dollar makes new high Rs198.39 at interbank closing

KARACHI: The US dollar hit new record high at Rs201.41 against the Pakistan Rupee (PKR) on Tuesday despite massive hike in key policy rate.

The exchange rate recorded a loss of 48 paisas in rupee value to end at Rs201.41 to the dollar from previous day’s close of Rs200.93 in the interbank foreign exchange market.

READ MORE: Dollar hits fresh high at Rs200.93 as rupee free-fall continues

Currency analysts said that the market witnessed high dollar demand for import and other external payments.

A day earlier, the State Bank of Pakistan (SBP) announced a sharp increase in policy rate by 150 basis points to 13.75 per cent.

The SBP hiked the rate with arguments that after contracting by 0.9 percent in FY20 in the wake of Covid, the economy has rebounded much more strongly than anticipated, growing by 5.7 percent last year and accelerating to 5.97 percent this year, as per provisional estimates.

READ MORE: Dollar touches new peak at Rs200.14

“At 13.4 percent (y/y), headline inflation unexpectedly rose to a two-year high in April and has now been in double digits for six consecutive months. Inflation momentum was also elevated, at 1.6 percent (m/m), and core inflation rose further to 10.9 and 9.1 percent in rural and urban areas, respectively. On the external front, notwithstanding some encouraging moderation in the current account deficit during April, the Rupee depreciated further due both to domestic uncertainty as well as recent strengthening of the US dollar in international markets following tightening by the Federal Reserve.”

Analysts said that the political uncertainty caused further depreciation in rupee as former Prime Minister Imran Khan announced a long march on May 25, 2022 against the present government.

The PML-N led government came to power after former Prime Minister Imran Khan was removed from the executive post after vote of confidence on April 10, 2022.

READ MORE: Dollar hits record Rs200 at interbank trading

The present government inherited with serious economic challenges including falling foreign exchange reserves and ballooning current account deficit.

Last week the government announced to impose a complete ban on imports to support balance of payment and help rupee to stable. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.

Currency experts said that massive fall in foreign exchange reserves and high import payments were the major reasons behind rupee fall.

Pakistan’s foreign exchange reserves fell to $16.161 billion by the week ended May 13, 2022. The foreign exchange reserves of the country were $16.373 billion by week ended May 6, 2022.

READ MORE: Dollar makes new high Rs198.39 at interbank closing

The country’s foreign exchange reserves hit record high at $27.228 billion by the week ended August 27, 2021. Since then the foreign exchange reserves have depleted by $11.067 billion.

The official reserves of the State Bank witnessed a decline of $146 million to $10.163 billion by the week ended May 13, 2022 as compared with $10.309 billion a week ago.

The SBP reserves reached a record high at $20.145 billion by August 27, 2021. The official reserves also fell by around $10 billion after reaching record high. The official reserves of the SBP have been reduced to provide import payment cover for only 1.50 months.

READ MORE: Dollar peaks at Rs195.50 at midday interbank trading

The import bill of the country surged by 46.41 per cent to $65.49 billion during the first 10 months of the current fiscal year as compared with $44.73 billion in the corresponding months of the last fiscal year.

Pakistan is a net importer of petroleum products to meet its domestic demand. The country’s oil bill was $14.81 billion during the first nine months (July – March) 2021/2022 as compared with $7.55 billion in the corresponding period of the last fiscal year, showing a massive growth of 96 per cent. The oil bill is around 25 per cent of the total import bill of the country.