Measures needed: Exchange rate needs stability, says ICCI

Rupee's value has started to fall and if this trend was not arrested, it will bring many economic woes to the country.

ISLAMABAD:

Islamabad Chamber of Commerce and Industry (ICCI) has shown concerns over the falling value of rupee, which after gaining some strength against the dollar has again started to depreciate. The chamber has called upon the government to take necessary measures to bring stability in the exchange rate as it was vital for sustainable economic growth.

ICCI President Shaban Khalid, said that after devaluing by around 6% against the dollar during the first half of the outgoing fiscal year, the rupee had appreciated by 7% in the January-March 2014 period, making it one of the best performing currencies in the world.

However, its value has started to fall and if this trend was not arrested forthwith, it will bring many economic woes to the country. It seemed that the government was manipulating the rupee depreciation just to benefit a specific segment of the economy, which was not a wise approach.

Published in The Express Tribune, July 20^th, 2014.

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