Rupee plunges in open market after exchange cap removal
Business
Rupee plunges in open market after exchange cap removal
ISLAMABAD (Dunya News) – After the Exchange Companies Association of Pakistan (ECAP) removed an unofficial cap on the exchange rate, the Pakistani rupee on Wednesday closed at Rs243.00 , falling 2.25 or 0.92% in the open market.
According to the Forex Association of Pakistan (FAP), the exchange rate of the Pakistani rupee also depreciated by 49 paisa against the US dollar in the interbank trading and closed at Rs230.89 against the previous day’s closing of Rs230.40.
On the other hand, the buying and selling rates of dollar in the open market were recorded at Rs240.60 and Rs243.00 respectively.
The price of the euro appreciated by 27 paisa and closed at Rs251.28 against the previous day’s closing of Rs251.01, according to the State Bank of Pakistan (SBP).
The Japanese yen remained unchanged to close at Rs1.77, whereas a decrease of Rs1.76 was witnessed in the exchange rate of the British pound, which was traded at Rs284.19 as compared to its last closing of Rs285.95.
The exchange rates of the Emirates dirham and Saudi riyal increased by 16 paisa and 13 paisa to close at Rs62.86 and Rs61.49 respectively.
