KARACHI, May 23(ABC): The exchange rate of US Dollar weakened by 94 paisa in the interbank on Tuesday against Pakistani rupee during intraday trade.
The greenback was being traded around Rs200 on second business day of the week compared to previous closing of Rs200.94.
A day earlier, the State Bank of Pakistan (SBP) on Monday announced an increase of 150 basis points in its benchmark policy rate in a bid to contain runaway inflation.
This action, together with much needed fiscal consolidation, should help moderate demand to a more sustainable pace while keeping inflation expectations anchored and containing risks to external stability.
