The price of US Dollar in Pakistan has took a massive hit as it reached an all time high of Rs. 255.43 against the Pakistani Rupee (PKR) in the interbank after removal of the unofficial cap on the exchange rate.
According to the State Bank of Pakistan (SBP), the Pakistani Rupee closed at Rs. 255.43 against the US Dollar on 26 January 2023 (Thursday), which is a depreciation of Rs. 24.54 (9.61%) compared to January 25 (Wednesday), when it closed at Rs. 230.89 against the greenback.
Read more: USD to PKR – Dollar Rate in Pakistan Today – 26 January 2023.
The decision to remove the cap and increase price of the Dollar in Pakistan was taken in the hopes to control the open market / black market, where the foreign currency was being traded as high as Rs. 270.
It is pertinent to mention that US Dollar has fallen to its lowest level since 28 July 2022, when it reached Rs. 239.94 in the interbank market. Furthermore, the open market today was also trading the US Dollar around Rs. 255 against the Pakistani Rupee (PKR).
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