KARACHI: The Pakistani rupee continued to depreciate steeply, as it hit a new all-time low of Rs269.10 against the US dollar in the interbank market, ARY News reported on Monday.
The greenback has gained Rs36.91 in the interbank market since Thursday after the Exchange Companies Association of Pakistan (Ecap) removed an unofficial cap on the exchange rate.
Read more: SBP rebuts claims capping dollar price caused $3bn loss in remittances
According to forex dealers, the rupee’s losses continued as the local currency further depreciated by Rs6.50 against the US dollar in the interbank market. The rate of the dollar has reached an all-time high of Rs269.10 in the interbank market.
Banks are selling the US dollars to the importers at Rs270.80, the forex dealers said while the same is being sold between Rs267 to 270 in the open market.
Read more: PBF slams unprecedented hike in dollar value
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
In a statement, ECAP secretary Zafar Paracha said that the association was withdrawing the cap on the greenback in the “nation’s interest” as the limit was causing adverse effects.
