RCCI concerned over rupee’s free fall

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has voiced serious concern over the sharp fall in the value of the rupee against the US dollar and the Oil and Gas Regulatory Authority’s (Ogra) notification for up to 143% increase in gas prices. It would unleash a new wave of inflation in the country and create additional problems for business and industrial activities. These remarks were made by RCCI’s newly elected President Malik Shahid Saleem while speaking at a media briefing at the chamber on Wednesday. He said the prevailing economic uncertainty in the country is damaging the investor’s trust and stressed that the government should take urgent measures to end volatility and bring stability in the local currency. “A weaker rupee would increase the cost of doing business, especially for companies that are dependent on imports,” he said.

Published in The Express Tribune, October 11^th, 2018.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.