Rupee strengthens by Rs 2.36 against dollar amid oil crash

KARACHI: The rupee continued its upward trajectory against the dollar, and recovered by Rs2.36 today (Tuesday) owing to a massive decline in international oil prices.

According to the State Bank of Pakistan, the dollar fell to Rs 161.13, down 1.45 percent compared to the opening value of Rs 163.49.

The demand for the dollar in the segment has been hit badly due to the lower import volumes. On the other hand, inflows from the International Monetary Fund worth $1.386 billion from last week have increased supply of the greenup.

In this regard, Pakistani economists asserted that the positive sentiments prevailed in the market due to the significant decline in international oil prices which would also help reduction in Pakistan’s oil import bill.

Earlier on Monday, the rupee gained nine paisas against the dollar. Over the past two weeks, the dollar has dipped by a cumulative Rs 6.76 from its peak of Rs 167.89.