Rupee gains Rs2.95 value against US dollar

Karachi: The rupee slightly appreciated against the United States (US) dollar in the local market on Wednesday.

The State Bank of Pakistan (SBP) said that the rupee gained value of Rs2.95 as the greenback just a day earlier closed at Rs273.33 as compared to the closure of Rs276.28 in the interbank market.

Interbank closing #ExchangeRate for todayhttps://t.co/jSoTpRmoBh pic.twitter.com/p6j6ojPs9Z

— SBP (@StateBank_Pak) February 8, 2023

The Forex Association of Pakistan (FAP)  said that dollar buying and selling rates in the open market were recorded at Rs 275.25 and Rs 279.00 respectively.

The Exchange Companies Association of Pakistan (Ecap) removed an unofficial cap on the exchange rate after which the dollar increased by Rs30 in the interbank market. ECAP removed the cap on the US dollar in a bid to end ‘artificial’ demand in the local markets.