Currency dealers remove cap on dollar-rupee exchange rate | The Express Tribune
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KARACHI: The currency dealers have unanimously decided to stop artificially keeping rupee overvalued against US dollar in open market and let the rupee-dollar exchange rate depreciate to its actual value. Speculations suggest rupee could gradually devalue to the level of black currency market in a couple of days. The domestic currency was available at Rs250-260 per US dollar in black market these days while the dealers had artificially maintained rupee-dollar exchange at Rs238 till Tuesday. "The association has decided to remove cap on rupee-dollar exchange rate," Exchange Companies Association of Pakistan (ECAP) President Malik Bostan said in audio and video messages after chairing a zoom meeting on Tuesday. Also read: Bleak news for the rupee in 2023 "The move would help eliminate black currency markets, increase flow of foreign currencies to the dealers and available to public (for international travelling, education and hospital fees and etc."