September 9, 2023
Banking Pakistan

USD Trades At Rs243 In Open Market After Exchange Rate Cap Removed

According to Ecap, the USD was being traded at Rs243 in the open market at 4:35pm, falling 0.93 per cent from yesterday’s close of 240.75. It closed at Rs230.89 in the interbank market.

Separately, Ecap General Secretary Zafar Paracha said talks between State Bank of Pakistan (SBP) Deputy Governor Inayat Hussain and Ecap representatives were successful. “The State Bank accepted all our demands including removing the cap.”

Paracha said the SBP further directed commercial banks to supply dollars to exchange companies. He vowed to bring the USD-PKR exchange rate in the open market to the ‘actual’ rate so the grey market could be abolished.

Speaking to later in the day, Paracha acknowledged that even after removing the cap, the rate being offered in the open market was far lower than the grey market. He added, however, that the association would raise rates gradually.

The Ecap general secretary said exchange companies were currently selling dollars only to “genuine buyers”, travellers and those who required the greenback for education and medical-related payments.

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