After open market, rupee nosedives against dollar in interbank

A currency dealer counts $100 bills in a machine. — AFP/File

KARACHI: A day after the unofficial cap on the dollar exchange rate was lifted in the open market, the rupee took a massive hit in the interbank market as well as it depreciated by more than Rs7 during intraday trade on Thursday.

It is unclear whether a cap was in place in the interbank market or not as the government has remained quiet on it. However, the rupee for the last few months was maintaining its position in the interbank market and was not depreciating as analysts expected.

Currently, the greenback is being traded at Rs237 compared to the last day when it had closed at Rs230.98.

The local currency had dropped to its lowest level on July 28, 2022 when it touched Rs239.94.

On the other hand, according to the Exchange Companies Association of Pakistan (ECAP), the greenback in the open market during intraday trade is being sold at 245 after appreciating by Rs2.

This is a developing story and is being updated with more details.

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