Saturday, March 25, 2023

Pakistani rupee recovers after massive depreciation

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KARACHI: The Pakistani rupee on Wednesday appreciated slightly against the United States (US) dollar in the market as the local currency gained Rs2.95, the State Bank of Pakistan (SBP) said.

According to the central bank, the dollar closed at Rs273.33 against yesterday’s close of Rs276.28 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 279.00 respectively.

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.

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