Karachi: Pakistani rupee finally rebounds against US dollar As the local currency gains Rs4.43 in the interbank market against the dollar, ARY News reports, citing forex traders.
The dollar gained 36.91 rupees in the interbank market since Thursday after the Association of Pakistan Exchange Companies (Ecap) unofficially lifted the exchange rate cap.
A dollar winning streak over the last three sessions was broken on Tuesday in hopes of resurrecting a stalled loan program with the International Monetary Fund (IMF).
Read more: PBF condemns record dollar hike
Forex traders said the dollar was trading at 265.20 rupees after depreciating at 4.43 rupees in the interbank market. The bank is selling dollars to importers at Rs268.20.
The dollar is trading between Rs270 to 273 on the open market.
It is necessary to mention here that Association of Exchange Companies of Pakistan (ECAP) has disbanded. limit on US dollars in a bid to end ‘artificial’ demand in the market.
