KARACHI – The US Dollar continued its surge, and skyrocketed to over Rs252against the Pakistani rupee in the open exchange market, a day after moneychangers announced removal of the price cap on the greenback.
Reports in local media quoting money changers said the USD slashed allprevious records and jumped by nearly Rs12 against the Pakistani rupee andwas currently being traded at a historic level of Rs252.50 in the openmarket.
On Tuesday, the Exchange Companies Association of Pakistan Chairman MalikBostan announced the removal of the self-imposed price cap to sell and buythe ‘hot currency’.
Money exchange companies have come up with a counter strategy and decidedto remove the cap on the US dollar amid growing artificial demand for thegreenback in the market.
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As local currency depreciated due to depleting foreign exchange reservesheld by the country’s central bank, a black market emerged for the USdollar in the cash-strapped nation.
