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Current Dollar Rate And Position In Pakistan

ISLAMABAD: Pakistan’s rupee registered a marginal loss against the US dollar in the inter-bank market, depreciating 0.03% during the trading session on Wednesday.

At around 10:10am, the rupee was being quoted at 230.48 during intra-day trading, a depreciation of Re0.08.

On Tuesday, the rupee had registered a loss for the 25th consecutive session against the US dollar to settle at 230.40 after a decrease of Re0.25 or 0.11%.

In a key development, the Exchange Companies Association of Pakistan (ECAP) announced removal of price cap on exchange rate, a move aimed at ensuring availability of the greenback in the market.

ECAP President Malik Bostan hoped that after removal of the cap, dollars will be available and the black market will end.

“We have to fight against the black market and the only solution is we should sell the dollar at the market rate as soon as people start getting dollars,” the chairman ECAP said.

Globally, the Australian dollar jumped to a more than five-month high on Wednesday after inflation data came in hotter than expected, while the kiwi slipped after New Zealand’s fourth-quarter inflation rose less than what its central bank had forecast.

The euro held near a nine-month peak against the dollar, as traders weighed a rosier growth outlook for the eurozone against growing signs of a looming US recession.

Against a basket of currencies, the US dollar index eked out a 0.01% gain to 101.92, not far from last week’s nearly eight-month low of 101.51.

Crude oil prices, a key indicator of currency parity, rebounded on Wednesday as demand recovery hopes in top importer China following its exit from COVID-19 pandemic curbs provided support after prices dropped in the previous session on concerns about global economic growth.

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