Rupee further down 57 paisas against dollar
KARACHI: The rupee depreciated 57 paisas against the dollar on Wednesday, as the demand for import payments remained high, dealers said.
The exchange rate ended at Rs161.90 against the greenback from the previous day’s closing of Rs161.33 in the interbank foreign exchange market.
The dealers said the rise in the international oil prices pushed up the dollar value in the domestic market.
The international oil prices have crossed $75/barrel on July 28, 2021. Pakistan is one of the largest importing countries of petroleum products. The country had spent $11.35 billion to import petroleum products during the fiscal year 2020/21.
The dealers said the scheduled external debt payment by the government was also another reason for the depreciation.
However, they expressed the hope that the inflows of foreign remittances and export receipts would help the rupee recover in the coming days.
Economic update: Changing geo-political situation puts pressure on exchange rate
ISLAMABAD: The revival of economic activities domestically has surged import bill, mainly...
Cryptocurrency payments are becoming progressively popular
Cryptocurrency payments are becoming progressively popular as Bitcoin (BTC) and other digital...
KCCI announces to boycott Nepra’s public hearings
KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has announced to...
Pakistan’s external debt rises $26 billion in three years
ISLAMABAD: Pakistan witnessed an increase of $26 billion during the first three...
Malaysia's August exports rise 18.4%
KUALA LUMPUR: Malaysia's exports rose 18.4 per cent to 95.59 billion ringgit...