Pakistan’s currency slid as much as 2.7% to approach an all-time low, a day after money exchangers lifted a cap on the rupee-dollar rate.

The rupee tumbled as low as 238.25 to the greenback, approaching the all-time trough of 240.375 set in July, according to data compiled by republicpolicy.com. Pakistan’s money exchange companies removed the limit on the dollar-rupee rate from Wednesday, and said they will let the currency drop slowly in the open market. Supply of dollars in Pakistan’s money-changing businesses has dried up as locals turn to the black market, with the greenback being sold at about 10% above advertised rates.