Rupee weakens against dollar

KARACHI: The rupee lost 69 paisas against the dollar due to higher demand for import payments, dealers said on Monday.

The exchange rate ended at Rs155.31 to the dollar from the last Friday’s closing of Rs154.62 in the interbank foreign exchange market.

The dealers said the high international oil prices also impacted the exchange rate. The international oil prices closed at $72/barrel – a two-year high – on Friday.

Pakistan is among the major importers of petroleum products. The country’s oil bill stood at $8.69 billion during the first 10 months (July–April) of 2020/21, compared with $9.48 billion, showing a decline of 8.26 per cent.

However, with the ease in restrictions related to the coronavirus pandemic, international oil prices have started increasing. The oil import bill in April 2021 increased 97.11 per cent to $1.14 billion, compared with $580.33 million in the same month of the last year.

The dealers expressed the hope that the local currency would remain stable in the coming days, owing to the significant inflows in the shape of export receipts and workers’ remittances.

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