Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostanannounced on Tuesday that exchange companies will remove the cap on theopen market price of the US Dollar from Wednesday.
In a statement, Bostan said that the association met with State Bank ofPakistan (SBP) Deputy Governor Dr. Inayat Hussain and apprised him of thedecision to remove the cap on the exchange rate.
He said that the association had taken the decision to put a cap on theexchange rate last year but the situation has changed now. He said that thestep has proved to be negative for the exchange companies.
He also mentioned that the removal of the cap on the exchange rate will putan end to the black market trade of the US Dollar.
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The Pakistani Rupee (PKR) continued its unprecedented fall against the USDollar (USD) today for the 25th straight session and reported losses in theinterbank market. The local currency lost Rs. 0.25 against the greenback atthe close of today’s session. The PKR depreciated by 0.11 percent againstthe USD and closed at Rs. 230.40.
It is pertinent to mention here that the gap between the interbank rate andthe open market rate has been higher than usual in recent months, whiledollars are also being exchanged in the black market at an even higher rate.