KARACHI: A day after the unofficial cap on the dollar exchange rate was lifted in the open market, the rupee suffered a major setback in the interbank market as it depreciated by more than Rs 7 during intraday trade on Thursday.
It is not clear whether there is a cap in the interbank market as the government is silent on it. However, the rupee was maintaining its position in the interbank market for the past few months and was not depreciating as expected by analysts.
Currently, the greenback is trading at Rs 237 compared to yesterday when it closed at Rs 230.98.
The local currency had fallen to its lowest level on July 28, 2022 when it touched Rs 239.94.
On the other hand, according to the Exchange Companies Association of Pakistan (ECAP), the greenback is selling at 245 after increasing by Rs 2 in the open market during intraday trade.
