Rupee freefall continues as US dollar hits record Rs254.75 in interbank

KARACHI: Following the removal of an unofficial cap on the dollar exchange rate, the rupee took a massive hammering against the US dollar in the interbank and open markets on Thursday, ARY News reported quoting forex dealers.

The rupee’s losses continued as the local currency dropped to Rs254.75 against the dollar in the interbank market.

According to forex dealers, the greenback surged by R23.86 against the local currency in the interbank market and was traded at Rs254.75.

The greenback is being sold at Rs259.75 in the interbank market, the forex dealers said.

On the other hand, the dollar is being traded between Rs242 to 245 in the open market.

Read more: Dollar crosses Rs250 in open market after exchange rate cap removed

On Wednesday, the Pakistani rupee depreciated against the US dollar in the interbank and open markets after the Exchange Companies Association of Pakistan (Ecap) removed an unofficial cap on the exchange rate.

According to forex dealers, the USD was being traded at Rs252.50 in the open market at 12pm against Tuesday’s close of 240.75.