Business
Rupee touches new all-time low of Rs269.10 in interbank market
The Forex dealers say the rupee’s losses continued as the local currency further depreciated by Rs6.50 against the US dollar in the interbank market.
Karachi: There is no break in the constant fall of rupee against the US as it hit a new all-time low of Rs269.10 in the interbank market, the latest reports said.
The dollar gained Rs36.91 in the interbank market since Thursday following the Exchange Companies Association of Pakistan’s (ECAP) announcement regarding removal of dollar cap on the exchange rate.
The Forex dealers said that the rupee’s losses continued as the local currency further depreciated by Rs6.50 against the US dollar in the interbank market.
The reports suggested that the banks were selling the US dollars to the importers at Rs270.80, pointing out that the same was being sold between Rs267 to 270 in the open market.
The Exchange Companies Association of Pakistan (ECAP) last week had removed the cap on the US dollar in a bid to end illegal and unlawful sale in the local markets.
“The association was withdrawing the cap on the greenback in the “nation’s interest” as the limit was causing adverse effects,” said the ECAP secretary Zafar Paracha.