PKR Plummets as Dollar Appreciates by 10 Rupees - Capital TV

May 29, 2023


PKR Plummets as Dollar Appreciates by 10 Rupees

Anum Razzaque

KARACHI: After Removal of Unofficial Currency Cap, Local Currency Depreciates Sharply; Experts Blame Black or Gray Market for Dollars.

Capital TV Reports Greenback Jump of 10 Rupees today, Reaching Rs240 in Intermarket at Start of Commercial Day.

Readmore: PKR Plummets as Dollar Appreciates by 10 Rupees

Malik Bostan, the president of the forex exchange, said he had removed the cap from the dollar, which had been put in to stop black selling of the greenback.

Talking to Capital TV, he said, “We wanted to sell dollars at low prices, but that effort failed to avert the foreign currency from the black market.”

According to Mattis Global, experts are viewing the decision to cap the dollar rate at the open market in Pakistan as having unforeseen consequences

Followmore: Money Laundering Case: Karachi Airport Security Arrests Suspect in Multi-Million Dollar

The capping of the dollar is seen as a hint of a weakening economy and an increased risk of default reported Mattis Global.

The greenback is trading at Rs240 in the interbank and trading at Rs252 to Rs255 per USD in the open market

icon-facebook icon-twitter icon-whatsapp

Leave a Reply

Your email address will not be published. Required fields are marked *