US dollar jumps to Rs247 in the open market
PAK rupee depreciated further against dollar after the Exchange Companies Association of Pakistan (ECAP) removed an unofficial cap on the exchange rate.
The US dollar jumps to Rs247 in the open market on Wednesday.
The development comes following the removal of the cap on the greenback.
As reported, the US Dollar did not fall and gained Rs2.30 rupees in the open market. It was being traded at Rs247, according to updates by 12:15 pm.
The Pakistani rupee fell by 1.2% on Wednesday after foreign exchange companies removed a cap on the currency, claiming it was creating “artificial” distortions in the market as the South Asian country struggles to escape a deepening economic crisis.
The Exchange Companies Association of Pakistan (ECAP) in a statement said that the rupee was bid at 240.60 to the US dollar and offered at 243 in early trade compared with a range of 237.75/240 at the close on Tuesday.
A day earlier, the ECAP announced that it would lift the cap on the US dollar from today (Wednesday), aiming to end the surging “artificial” demand for the greenback in the market.
