Dollar continues upward trend against rupee
- By Web Desk -
- Feb 07, 2023
KARACHI: The United States (US) dollar continued its upward trend against the Pakistani rupee as it gained 0.98 in the interbank market on Tuesday.
According to the State Bank of Pakistan (SBP), the dollar closed at Rs276.28 after the local currency further lost 0.98 in the interbank market.
Meanwhile, the Forex Association of Pakistan (FAP) stated that dollar buying and selling rates in the open market were recorded at Rs 275.25 and Rs 284.00 respectively.
Interbank closing #ExchangeRate for todayhttps://t.co/zwZDVpzIKC pic.twitter.com/c4WeQHFGQB
— SBP (@StateBank_Pak) February 7, 2023
The greenback has gained over Rs30 in the interbank market since the Exchange Companies Association of Pakistan (Ecap) removed an unofficial cap on the exchange rate.
It is pertinent to mention here that the Exchange Companies Association of Pakistan (ECAP) removed the cap on the US dollar in a bid to end ‘artificial’ demand in the market.