The rupee suffered a severe blow in intraday trade on the interbank market a day after the open market’s dollar exchange rate ceiling was relaxed. It dropped by more than Rs7.
The government hasn’t said anything, therefore it’s unclear whether or not there was a cap on the interbank market. The rupee, however, has been holding steady in the interbank market over the past few months and has not declined as economists had predicted.
The dollar is currently trading at Rs237, down from its previous day’s closing of Rs230.98. On July 28, 2022, the local currency reached its lowest point, touching 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.
