By Ahmed Mukhtar Naqshbandi
The Pakistani rupee’s losses against the US dollar continued on Thursday as the local currency dropped to Rs240 in the interbank market.
According to forex dealers, the greenback surged by Rs10.11 against the local currency in the interbank market and was being traded at Rs240. The dollar is being sold at Rs250 in the interbank market, according to the forex dealers. On the other hand, the dollar is being traded between Rs242 to 245 in the open market.
A day earlier, the Pakistani rupee depreciated against the US dollar in the interbank and open markets after the Exchange Companies Association of Pakistan removed an unofficial cap on the exchange rate.
US Dollar on Wednesday
On Wednesday, the US currency went up by 0.21 percent, gaining value of 49 paisas and ended the day at Rs230.89.
In a key-related development, the Exchange Companies Association of Pakistan had announced removal of price cap on the exchange rate. The move aimed at ensuring the availability of the US dollar in the market. The move triggered the US currency’s price to skyrocket in the open market.
