The Pakistani rupee on Monday gained 5.58 against the US dollar in the interbank market.
The US dollar closed at Rs276.58 in the interbank market on Friday, the last business day of the week, lost Rs.5.58 on Monday against the local currency.
The forex dealers said the dollar is being traded at Rs271 after a deprecation of Rs5.58 in the interbank market. The banks are selling the dollars to importers at Rs274, the forex dealers said.
It is pertinent to mention here that the Exchange Companies Association of Pakistan (ECAP) removed the cap on the US dollar in a bid to end ‘artificial’ demand in the market.