Dollar falls against rupee by 5.58 in interbank
- By Anjum Wahab -
- Feb 06, 2023
KARACHI: The Pakistani rupee on Monday gained 5.58 against the US dollar in the interbank market, ARY News reported, quoting forex dealers.
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.
The dollar closed at Rs276.58 in the interbank market on Friday, the last business day of the week, lost Rs.5.58 on Monday against the local currency.
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The forex dealers said the dollar is being traded at Rs271 after a deprecation of Rs5.58 in the interbank market. The banks are selling the dollars to importers at Rs274, the forex dealers said.
The greenback is trading at Rs277 in the open market.
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