After removal of exchange rate cap US dollar being traded at Rs243 in open market

Pakistani rupee depreciated against the US dollar on Wednesday after the Exchange Companies Association of Pakistan (ECAP) removed an unofficial cap on the exchange rate.

The greenback was being traded at Rs243 in the open market at 11am with dropping 0.93 per cent drop from yesterday’s close of 240.75, a notice issued by ECAP Chairman Malik Bostan’s office stated.

The notice further stated that the dollar was being traded at Rs231.5 in the interbank market at the same time,

ECAP General Secretary Zafar Paracha said a committee of exchange companies would decide the USD-PKR rate in the open market in a meeting later today.

He said talks between State Bank of Pakistan (SBP) Deputy Governor Inayat Hussain and Ecap representatives were successful. “The State Bank accepted all our demands including removing the cap.” 

Article source: https://www.nation.com.pk/25-Jan-2023/after-removal-of-exchange-rate-cap-us-dollar-being-traded-at-rs243-in-open-market