US dollar continues to go up against rupee

Karachi: The United States (US) dollar gained 0.98 value against the rupee in the interbank market on Tuesday.

The State Bank of Pakistan said that the dollar closed at Rs276.28 as the local currency further lost 0.98 in the interbank market.

Interbank closing #ExchangeRate for todayhttps://t.co/zwZDVpzIKC pic.twitter.com/c4WeQHFGQB

— SBP (@StateBank_Pak) February 7, 2023

The dollar buying and selling rates in the open market were recorded at Rs 275.25 and Rs 284.00 respectively, according to Forex Association of Pakistan (FAP).

The rupee went down by 30 against the US dollar in the interbank market since the Exchange Companies Association of Pakistan (Ecap) removed an unofficial cap on the exchange rate.

The ECAP removed the cap on the US dollar  in order to  ‘artificial’ demand in the local markets.