KARACHI: The dollar rate in the black market has equaled that in the open market days after the removal of an artificial upper cap on the rupee, which drove the local currency into a tailspin. However, uncertainty kept both the seller and the buyer away on Friday.
According to the central bank, the rupee fell by 2.7% to settle at 262.6 to the dollar on Friday, following a 9.6% decline on Thursday, which was the currency’s largest one-day decline.
The exchange businesses did, however, publish the interbank rate of Rs265 for the same day, which reflected variances in rates between banks. The rupee decreased by Rs7 on the open market to hit 269, and the Kabul rate was quoted 270 on friday.
Although trade was hardly noticeable, several currency dealers claimed that the open market rate in the late evening was Rs275.
