The rupee gained two paisas against the dollar on Thursday on easing international oil prices, dealers said. The exchange rate ended at Rs174.87 to the dollar from the previous day’s closing of Rs174.89 in the interbank foreign exchange market.
The dealers said that the local currency slightly recovered after the international oil prices showed a decline during the past two days.
The benchmark Brent crude was trading at around $91.89 per barrel at 3:30pm PST falling from $94. Pakistan is the net importer of petroleum products to meet domestic demand.
The oil import bill surged 113.40 per cent to $10.18 billion during the first half (July –December) 2021/22, as compared with $4.77 billion during the same period of the last fiscal year. The dealers said that the market witnessed dollar demand for import payments.—TLTP
