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Dollar hits new high of Rs252 after currency dealers remove cap on greenback

10:58 AM | 25 Jan, 2023
Dollar hits new high of Rs252 after currency dealers remove cap on greenback
Source: File photo

KARACHI – The US Dollar continued its surge, and skyrocketed to over Rs252 against the Pakistani rupee in the open exchange market, a day after money changers announced removal of the price cap on the greenback.

Reports in local media quoting money changers said the USD slashed all previous records and jumped by nearly Rs12 against the Pakistani rupee and was currently being traded at a historic level of Rs252.50 in the open market.

On Tuesday, the Exchange Companies Association of Pakistan Chairman Malik Bostan announced the removal of the self-imposed price cap to sell and buy the 'hot currency'.

Money exchange companies have come up with a counter strategy and decided to remove the cap on the US dollar amid growing artificial demand for the greenback in the market.

As local currency depreciated due to depleting foreign exchange reserves held by the country’s central bank, a black market emerged for the US dollar in the cash-strapped nation.

More to follow…

Daily Pakistan Global Web Desk

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PKR exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 21 Feb 2024

Pakistani currency remains stable against US dollar and other currencies in the open market on February 21, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300 for buying and 303 for selling while British Pound rate stands at 350.5 for buying, and 354 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 21 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300 303
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 76.15 76.9
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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