LCCI warns against rupee devaluation

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has expressed concern that weakening of the dollar against the rupee could reignite high inflation and halt growth in major sectors of the economy.

LCCI Vice President Muhammad Nasir Hameed Khan said that the recent surge in price of the greenback would increase input costs and consequently reduce profit margins for businesses.



He also said that the State Bank of Pakistan should ascertain the factors weakening the value of the rupee and safeguard against undue speculations and malpractices in the operations of foreign exchange markets in Pakistan. “This will help stabilise rupee against dollar and restore the confidence of the business community as well,” he maintained.

Published in The Express Tribune, July 11^th, 2017.

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