US dollar falls against rupee by 4.43 in interbank market

Dollar crosses Rs250 in open market after exchange rate cap removed

KARACHI: The Pakistani rupee finally bounced back against the US dollar, as the local currency gained Rs4.43 in the interbank market against the greenback, ARY News reported, quoting forex dealers.

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.

The last three sessions’ winning streak of the dollar was broken on Tuesday in the hopes of revival of the stalled loan programme with the International Monetary Fund (IMF).

Read more: PBF slams unprecedented hike in dollar value

The forex dealers said the dollar is being traded at Rs265.20 after a deprecation of Rs4.43 in the interbank market. The banks are selling the dollars to importers at Rs268.20.

The greenback is trading between Rs270 to 273 in the open market.

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


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