Uncapped rate: Rupee slips by 49 paisas in interbank, falls further in open market

After the State Bank of Pakistan (SBP) decided to leave the rate of a United States dollar uncapped, the price of a US dollar jumped by Rs2.25 in the open market. In the interbank, however, the rupee only lost 0.21%.

In the black market, the rate was much higher.

According to data released by the SBP on Wednesday afternoon, the rupee lost around 0.21% of its value.

It slipped by Rs0.49 from Rs230.40, where it had closed on Tuesday, to Rs230.89 on Wednesday.

In the interbank market, the US dollar was being traded at over Rs231.50.

This was up by Rs1.10 compared to Tuesday’s close of Rs230.40.

Uncapped open market

According to rates released by the Forex Association of Pakistan on Wednesday, the dollar gained another Rs2.25 in the official open market rates, rising from a trading value of Rs240.75 on Tuesday to Rs243.0 on Wednesday.

In the black market, however, the price of a US dollar soared past Rs250 to be traded for Rs252.