Ahmed Hassan Moughal President, RafatFarid Senior Vice President and Iftikhar Anwar Sethi Vice President, Islamabad Chamber of Commerce & Industry have shown great concerns over record devaluation of rupee against dollar that has plunged to Rs.148 against a dollar in the interbank market
Islamabad (Pakistan Point News / Online - 16th May, 2019) Ahmed Hassan Moughal President, RafatFarid Senior Vice President and Iftikhar Anwar Sethi Vice President, Islamabad Chamber of Commerce & Industry have shown great concerns over record devaluation of rupee against Dollar that has plunged to Rs.148 against a dollar in the interbank market.They said the rupee has already witnessed hefty depreciation against dollar due to which people were badly suffering from rising inflation while cost of doing business has gone up significantly.
They were afraid that if rupee continued to fall against dollar, it would bring business activities to a standstill and put unbearable burden on the common man.Ahmed Hassan Moughal said that over the last 12 months, rupee has shed its value by 28percent against dollar as in May 2018 value of rupees was around Rs.115 against a dollar which has now tumbled to Rs.148. He said that business community needed a stable Currency for long term business plans, but the sudden fall in the value of rupee against dollar badly disturbed all business plans of private sector and frustrated their efforts for promoting business and industrial activities.
ICCI President said that industry was importing about 60 percent of raw material for manufacturing activities while Pakistan was also importing fertilizer, food items, oil, machinery and many other items. He said the abrupt devaluation of rupee further enhanced the cost of doing business, increased inflation and slowed down economic growth. He urged that government should immediately take remedial measures to bring stability in the local currency in order to save the economy from further troubles.
