Exchange rate: Depreciation of rupee irks businessmen

The average dollar value against the rupee has touched an all time low of more than Rs100 against a dollar.

ISLAMABAD:

Local businessmen in a meeting at the Islamabad Chamber of Commerce and Industry expressed concerns over the continuous fall in value of the Pakistani rupee against the dollar.

Chairing the meeting ICCI President Zafar Bakhtawari said that the constant downslide of rupee has adversely hit all important sectors of the economy including agriculture, industry, manufacturing, IT and the commercial importers.

The average dollar value against the rupee was close to Rs98 in December 2012 as compared with Rs59.09 in December 2001, and has now touched an all time low of more than Rs100 against a dollar, a decline of almost 65%. The businessmen said that depreciation in value is multiplying the cost of doing business.

Published in The Express Tribune, July 19^th, 2013.

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