Dollar crosses Rs250 in open market after exchange rate cap removed.

The Pakistani rupee depreciated against the US dollar in the interbank and open markets on Wednesday after the ECAP removed an unofficial cap on the exchange rate.

According to forex dealers, the USD was being traded at Rs252.50 in the open market at 12pm against yesterday’s close of 240.75.

In the interbank market, the USD was being traded at Rs231.5.

The Exchange Companies Association of Pakistan (ECAP) Tuesday removed the cap on the US dollar in a bid to end ‘artificial’ demand in the market.

ECAP secretary Zafar Paracha said that the association was withdrawing the cap on the US dollar in the “nation’s interest” as the limit was causing adverse effects.