The difference between the USD-PKR exchange rate in the interbank and open markets narrowed on Thursday as the local currency depreciated sharply after the Exchange Companies Association of Pakistan (Ecap) removed an unofficial price cap.
The difference in rates between the markets, which had widened to Rs15 in recent months, now stands at Rs5.
The PKR was being traded at Rs255 per dollar — a record low — in the open market around 11:40am, according to data from the Forex Association of Pakistan. This equates to a depreciation of Rs12 or 4.94 per cent compared to yesterday’s rate of Rs243.
In the interbank market, the local currency was trading at Rs250 per dollar, down Rs19.11, or 8.28pc, from yesterday’s close of Rs230.89.
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