KARACHI: The Pakistani rupee declined 94 paisas against the dollar on Friday as the market opened after observing four holidays on the occasion of Eid-ul-Fitr.
The local unit fell 94 paisas to close at Rs186.63 to the dollar from Saturday’s closing of Rs185.69 in the interbank foreign exchange market.
The dealers said that the local currency took a tumble as the market opened after Eid holidays where the market witnessed demand for the dollar for imports payments coupled with the rising commodity prices in the international markets.
The country has faced significant pressure on its foreign-exchange reserves in recent months, amid elevated global commodity prices and highly fluctuating global oil prices.
Pakistan is a net importer of petroleum products and any change in the prices of petroleum products directly affects the country’s import bill.
The international oil prices also witnessed…