The depreciation of the rupee against the US dollar has left the business community in awe as the unprecedented fall has caused damage to the business and economy of the country.
The President of Islamabad Chamber of Commerce and Industry (ICCI) Sardar Yasir Ilyas Khan in a statement recorded his concerns regarding the volatility of the rupee and reiterated that urgent measures should be taken by the government to stabilize the exchange rate.
Ilyas Khan said, “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 warned that this ceaseless depreciation of the national currency would hit the business community badly adding that the people were already facing grave problems due to high inflation and this erosion would result in a price hike which would aggravate the already miserable life of the common man.