Rupee Depreciates Rs6.50 Against Dollar In Interbank Market


Rupee depreciates Rs6.50 against dollar in interbank market

The State Bank of Pakistan has tweeted that the rupee has depreciated by -2.61 per cent for last three days against the US dollar.  

KARACHI: (UrduPoint/Pakistan Point News-Jan 30th, 2023) The rupee on Monday lost Rs6.50 value against the US Dollar in the interbank market and hit an historic low of Rs269.10.

The forex Dealers said that the rupee continued to lose value against the dollar in the interbank market. They said that the banks were selling the dollar to the importers at Rs27.80, adding that the same was being sold between Rs267 to Rs270 in the open market.

According to the reports, the dollar gained Rs36.91 in the interbank market since Thursday. The rupee lost its value after the Exchange Companies Association of Pakistan’s (ECAP) announced to remove dollar cap on the exchange rate.

Last week, the Exchange Companies Association of Pakistan (ECAP) had removed the cap on the US dollar to stop illegal and unlawful sale in the local markets.

“The association has decided to withdraw the cap on the greenback in the larger national interest,” said Zafar Cheema, adding that the limit was causing adverse effects.

Abdullah Hussain

Abdullah Hussain is a staff member who writes on politics, human rights, social issues and climate change.