KARACHI: The local currency on Thursday took an enormous blow in the interbank market during intraday trade as it depreciated by more than Rs7, a day after the lifting of the unofficial cap in the open market.
There was no official cap on the dollar in the interbank market, however, the rupee for the last few months maintained its position in the interbank market and did not depreciate as expected.
The US dollar is currently trading at Rs237 compared to the last day’s closing of Rs230.98.
However, despite the dramatic plunge, the rupee is still not at its lowest level. The local currency witnessed its record-low on July 28, 2022, when it dropped to Rs239.94 against the USD.
On the other hand, the Exchange Companies Association of Pakistan (ECAP) said the dollar in the open market is currently being sold at Rs245. The local currency has depreciated by Rs2 in the open market today.
This is a developing story and is being updated with more details.