Pakistan News

USD trades at Rs243 in open market after exchange rate cap removed

USD trades at Rs243 in open market after exchange rate cap removed

The rupee depreciated against the dollar on Wednesday after the Exchange Companies Association of Pakistan (Ecap) removed an unofficial cap on the exchange rate.

According to a notice issued by Ecap Chairman Malik Bostan’s office, the USD was being traded at Rs243 in the open market at 11am, falling 0.93 percent from yesterday’s close of 240.75. It was being traded at Rs231.5 in the interbank market at the same time.

Separately, Ecap General Secretary Zafar Paracha said a committee of exchange companies would decide the USD-PKR rate in the open market in a meeting later today.

More to follow.

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