Rupee fall to affect all segments: RCCI

The depreciation of rupee would have massive negative impact on the already fragile economy of the country

RAWALPINDI: The depreciation of Pakistani rupee would have massive negative impact on the already fragile economy of the country, said Rawalpindi Chamber of Commerce and Industry (RCCI) President Malik Shahid Saleem. Expressing serious concern over the sharp fall of the rupee on Wednesday, he lamented that it touched a new low of Rs163 against the US dollar in the open market. “The value of the rupee must be controlled because an uncontrolled currency can have devastating impact on all segments of society, particularly small and medium enterprises (SMEs),” he added. He pointed out that depreciation of the rupee against all major international currencies was a reflection of weak economy. “The depreciation will lead to increase in prices of all essential items and spark inflationary pressure,” he voiced concern. He said the rupee fall in the open market from Rs157 to Rs163 per dollar in just one day should be a cause for great concern for the policymakers.  

Published in The Express Tribune, June 27^th, 2019.

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