KARACHI, Pakistan : The Pakistani rupee fell by 1.2 per cent on Wednesday after foreign exchange companies removed a cap on the currency, saying it was creating"artificial" distortions in the market as the South Asian country struggles to escape a deepening economic crisis.
The rupee has depreciated 11.23 per cent against the greenback so far in the current fiscal year 2022-23, which ends on June 30. Before the cap on the rupee was removed, markets eyed three different rates to assess its value - the state bank's official rate, the one assessed by the foreign exchange companies and the black market rate.
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