The US dollar jumped 6.50 rupees per rupee in the interbank market.
Karachi: Pakistani rupee continues to weaken As it hit a new record low of 269.10 rupees against the US dollar in the interbank market, ARY News reported on Monday.
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.
Read more: SBP disputes claims of dollar price limits. resulting in a loss of $3 billion in remittances
According to the forex dealer, the rupee losses continued as the local currency weakened by another 6.50 rupees against the US dollar in the interbank market. The rate of the dollar hit a record high of 269.10 rupees in the interbank market.
Banks are selling US dollars to importers at 270.80 rupees, forex traders say. While selling for the same price between Rs 267 and Rs 270 on the open market.
Read more: PBF condemns record dollar appreciation
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. “National interest” because such limits have negative consequences.