KARACHI: Rupee appreciated against dollar in interbank market, according to State Bank of Pakistan (SBP) report. Domestic unit gained 0.72 paisa against greenback to close at Rs 283.80 in interbank market. Greenback had closed at Rs 283.91 day earlier.

According to Forex Association of Pakistan (FAP), buying and selling rates of dollars in open market were recorded at Rs 285.2 and Rs 287 respectively. International Monetary Fund (IMF) has tabled another condition for hike in interest rate.

Sources said that IMF demanded of Pakistan to jack up interest rate by 4 percent. Fund was of view that inflation is lower in Pakistan as per interest rate. SBP recently raised interest rate by 2 percent but now IMF is ‘forcing’ Islamabad to again increase interest rate by 2 percent.

Published in The Daily National Courier, March, 23 2023

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