FAISALABAD:
Textile manufacturers have expressed concerns that continuous depreciation of the rupee will enhance production cost of export goods, making their products uncompetitive in the world market, and will also lead to suspension of industrial activity, widespread job losses and a law and order situation.
Talking to the media here on Wednesday, Pakistan Textile Exporters Association Chairman Rana Arif Tauseef said “free fall of the rupee against the US dollar and other international currencies is fanning inflation, pushing up raw material prices, cost of inputs and overhead expenses.”
He saw the rupee drop to 100 per dollar, which would “devastate the economy and exports of the country”.
Published in The Express Tribune, January 12th, 2012.
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He saw the rupee drop to 100 per dollar, which would “devastate the economy and exports of the country”.
How can a depreciating rupee hurt exports. It doesn't make any sense.