Cash sellers eliminate cap on dollar-rupee swapping scale

 



 

KARACHI: The currency dealers have resolved to stop intentionally maintaining the rupee's overvaluation versus the US dollar on the open market and to allow it to appreciate to its true value.

According to rumours, the rupee could gradually decline to the value of the underground market in a few days.

The black market rate for domestic currency is currently between Rs250 and Rs260 per US dollar, although dealers had artificially kept the rate at Rs238 until Tuesday.

Malik Bostan, president of the Exchange Companies Association of Pakistan (ECAP), said in audio and video messages following a zoom meeting on Tuesday that "the association has resolved to eliminate the ceiling on rupee-dollar exchange rate."

Read also: The rupee's future looks bleak in 2023

"The action would aid in the eradication of illegal currency markets,


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