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Business community concerned over rupee depreciation

Business community concerned over rupee depreciation

LAHORE: Business community has expressed concern over the continuing fall in value of rupee against the US dollar as this posed a serious threat to the economy.

In a press statement issued here, PHMA Chairman Sardar Usman Ghani, said that the country is already facing multiple internal and external challenges and the rupee devaluation is further aggravating the economic situation.

He said that the constant downslide of rupee had adversely affected all important sectors of the economy including agriculture, industry, manufacturing, IT and commercial importers.

He said that average dollar value against the rupee was close to Rs98 in December 2012 in contrast to Rs59.09 in December 2001.It has now touched an all time low of above 110 rupees per dollar. This marks a 65 percent-plus depreciation of the rupee against the dollar.

He urged the government to initiate immediate steps to strength Pak rupee value against dollar as six per cent decline in the last two months has jacked up the prices of imported industrial raw material to new highs.

Sardar Usman said that high priced greenback means that the prices of raw material being imported by the industry would go up that would result in further price hike in the local market and resultantly would cause low productions.

The PHMA office-bearers were of the view that the present government should divert its attention towards the promotion of regional trade as the region has very huge potential and this potential needs to be tapped.