Uncapped: US dollar soars past Rs270 mark in open market

Following the government’s decision to leave the exchange rate between the Pakistani rupee and the US dollar uncapped, the rates in the open market at least have spiked, jumping past Rs270 mark.

According to rates released by the Forex Association of Pakistan, the rates for Saturday showed a Rs3 increase in the value of the US dollar, rising from Rs268 on Friday to Rs271 on Saturday.

Earlier in the week, after the government decided to leave the rates unshackled, the cost of a US dollar had shot up by over Rs30 in two days in the interbank market.

On Friday, the US dollar had closed at a value of Rs262.60.

The value of the dollar has spiked after it emerged that Pakistan’s foreign exchange reserves have fallen to a level where it cannot sustain even a month’s exports.