The business community has expressed concern over persistent depreciation of the rupee against the US dollar, fearing that it can cause grave problems for the business and economy.
In a statement on Saturday, Islamabad Chamber of Commerce and Industry (ICCI) President Sardar Yasir Ilyas Khan called on the government to take urgent measures to end currency volatility and stabilise the exchange rate.
“Pakistani rupee has now fallen below Rs168 against the greenback, which shows that our currency is losing value at an alarming rate,” he said. “It reflects a deteriorating market perception about the country’s capacity to finance its foreign debt obligations.”
He stressed that constant erosion in the value of the rupee would hit future plans of the business community as they required a stable exchange rate for long-term business and investment planning.
He added that people were already facing grave problems due to high inflation and the rupee depreciation would trigger a fresh wave of price hike, making the life of common man more miserable.
Published in The Express Tribune, September 12th, 2021.
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