Karachi: Pakistani rupee continues to weaken It hit a new record low of 269 rupees against the US dollar in the open market, ARY News reported on Friday.
According to data shared by the Association of Exchange Companies of Pakistan (ECAP), the Pakistani rupee is changing hands at 269 rupees against the dollar in the open market. That equals 7 rupees or 2.67 pieces from yesterday’s rate of 262 rupees.
meanwhile The European Union (EU) euro rose 7.50 rupees to a high of 286.50 rupees, while the British pound rose another 5 rupees to 326 rupees.
On the other hand, the UAE Dirham and Saudi Riyal increased by Rs.1 and Rs.0.90 to Rs.79 and Rs.71 respectively.
In a statement, the Bank of Pakistan (SBP) said the rupee in the interbank market closed at 262.6 rupees against the dollar, down 7.17 rupees or 2.73 percent from yesterday’s close.
The value of the local currency fell 24.54 rupees to a record low of 255.43 rupees in interbank accounts yesterday. After the removal of the unofficial limit of exchange rates
Read more: Dollar Crosses Rs250 In Open Market After High Exchange Rate Removed
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.
In a statement, ECAP secretary-general Zafar Paracha said the association was removing the limit on the US dollar in “National interest” because such limits have negative consequences.
The statement states that there is an artificial demand in the market as people will buy dollars from us and sell them on. gray market.
