I am surprised at those who believe depreciation of the dollar against the rupee is not backed by strong fundamentals.
LAHORE: This is with reference to the story “9-month high: Rupee strengthens to 99 against dollar” (March 11). I am surprised at those who believe that the depreciation of the dollar against the rupee is not backed by strong fundamentals. Our export bills have all been paid while the exports for February alone have risen by 18 per cent. Our Gross Domestic Product during the first half of the current fiscal year has almost doubled and the Chinese promise to invest $30 billion during the next five years has boosted market sentiments. The stock market has been performing brilliantly for the last few months. The GSP-Plus status given by the European Union has boosted the investors’ trust.
So, when I see people commenting that this progress is not backed by strong fundamentals, I cannot help but conclude that many people lack any understanding of the fundamentals of economics.
Ali Zaidi
Published in The Express Tribune, March 13th, 2014.
Like Opinion & Editorial on Facebook, follow @ETOpEd on Twitter to receive all updates on all our daily pieces.
