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.

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