Karachi October 18 2023: Pakistani Rupee on Wednesday continue to fall in interbank after the pressure of imports start building up due to significant drop in Dollar value amid concerns of higher import bill as oil prices inches up after Palestine conflict.
In the interbank market, the Pakistan Rupee has dropped by PKR 3.5 or 1.2 percent, bringing its trading rate to 280.5 (PST 13:20) against the Dollar. Notably, during the previous session, the Rupee concluded trading at 277.03 against the Dollar in the same market, registering its first fall after 28 sessions of successive gains.
Oil prices surged on Wednesday as tension escalated in the Middle East after hundreds were killed in a blast at a Gaza hospital, sparking concerns about potential oil supply disruptions from the region.
Brent crude futures advanced $1.69, or 1.9%, to $91.59 a barrel at 0347 GMT. West Texas Intermediate crude (WTI) futures were up $1.84, or 2.1%, at $88.50 a barrel.
In earlier trade, both benchmarks gained more than $2 to touch their highest levels in two weeks.
Pakistan imported oil products of $18.7 billion last fiscal year that ends on June, which is 36 percent of overall country imports, according to data of State Bank of Pakistan.