Rupee falls 21 paisas against dollar

Rupee falls 21 paisas against dollar

Rupee falls 21 paisas against dollar

Rupee upsurge continues, reaches Rs218.88/dollar

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KARACHI: The rupee lost 21 paisas against the dollar on Wednesday, as international oil prices spiked at $113/barrel, dealers said.

The exchange rate ended at Rs177.62 against the greenback, compared with the previous day’s closing of Rs177.41.

The international oil prices recorded a massive jump; following Russian supply concerns after war with Ukraine. The benchmark Brent crude was recorded at $113/barrel after 2014.

The dealers said the higher dollar demand for oil payments may further deteriorate the rupee value. The local currency fell to the record low of Rs178.24 against the dollar on December 29, 2021.

Further, the widening of the current account deficit and falling foreign exchange reserves may also deteriorate the value of the local currency.

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Pakistan’s current account deficit surged to its highest-ever monthly deficit of $2.6 billion in January 2022 ($1.9 billion in December 2021), taking it of $11.6 billion during the first seven months of the current fiscal year.

The liquid foreign exchange reserves of the country declined $264 million to $23.226 billion by the week ended February 18, 2022.

The foreign exchange reserves of the country stood at $23.49 billion by the week ended February 11, 2022. The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell $289 million to $16.807 billion by the week ended February 18, 2022, compared with $17.096 billion a week ago.

The local unit recorded a decline of Rs19.87, or 12.60 per cent, from Rs157.54 on June 30, 2021 to the current level of Rs177.41.

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