Exchange companies decide to cap currency rates

KARACHI: The money exchange companies have decided to cap currency rates in a bid to stabilise Pakistani rupee against foreign currencies, ARY News reported on Thursday.

According to details, the money exchange companies have decided to cap currency rates to devaluate other currencies, including the US dollar.

In a statement, Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha said that the association has taken measures to devalue other currencies, including the dollar.

“Finance Minister Ishaq Dar was repeatedly saying that the real price of US dollar is below Rs200,” Zafar Pracha said, adding that the US dollar loses Rs2.50 in open market, falling from Rs227.50 to Rs225.40.

Meanwhile, European Union’s (EU) Euro falls to Rs220.45 after losing Rs4.05 in the open market. Moreover, UK Pound drops to Rs252.90 after losing Rs5.60 and UAE Darham reaches Rs60 after losing Rs3.

Earlier in the day, the Pakistani rupee continued its downward slide against the US dollar in the interbank market for the seventh successive working day.

According to the Forex Association of Pakistan (FAP), the rupee lost Rs1.12 by 11.30am against the greenback during intraday trading. Consequently, the rupee was trading at 221 against the greenback.