Rupee depreciates by 27 paisas against dollar


Pakistani rupee depreciated against the US dollar for the second consecutive day on Tuesday and shed 27 paisas (-0.17 percent).
According to the State Bank of Pakistan, the US dollar was opened at Rs159.27 and closed at Rs159.54. The local currency has gained Re0.72 against the greenback during the last two days.
Currency dealers said that the local currency was under pressure because of the oil import bill as international oil prices are increasing. The dealers said that normalcy returned in the global economies following the launch of the coronavirus vaccine.
Meanwhile, the foreign exchange reserves of the country stood at $20.07 billion by week ended on February 04, 2021, according to the State Bank of Pakistan (SBP). The official reserves of SBP stand at $12.95 billion while foreign exchange reserves maintained by commercial banks are $7.12 billion by week ended on February 04, 2021.