Pakistani rupee gains 5.58 against the US dollar in the interbank market

The Pakistani rupee gained 5.58 percent against the US dollar on Monday in the interbank market. Since the Exchange Companies Association of Pakistan (Ecap) lifted an unofficial exchange rate cap, the value of the dollar has increased by more than Rs30 in the interbank market.

The dollar dropped Rs. 5.58 versus the local currency on Monday and ended the week's last business day at Rs. 276.58 in the interbank market.

According to the foreign exchange brokers, the dollar is now worth Rs271 following a depreciation of Rs5.58 in the interbank market. According to the currency brokers, the banks are selling dollars to importers for Rs274. The open market price of the dollar is Rs277.

In order to stop "artificial" demand in the market, the Exchange Companies Association of Pakistan (ECAP) abolished the cap on the US dollar.