KARACHI : July 27, 2022. There seems no respite for the rupee which shed further Rs 4 in open market on Wednesday, taking US dollar to Rs 237 in the currency market.
This is highest ever level of the US dollar against the local currency. The rupee is continuously losing its value for the last couple of weeks. There are a number of factors contributing to depreciation of the rupee. Among these, rising import bill, political uncertainty and pressure of loans payment are of considerable nature.
Forex Dealers Association of Pakistan (FDAP) Chairman, Bostan Khan, says rising import bill was one of major reasons of weakening the rupee against the US dollar.
Talking to NEWSMAN, Bostan Khan , said June’s import bill of $ 7.5 billion has rang alarm bells and if this trend continues in coming months it can dent already frail local currency in a big way. Mr Bostan recalled that he had demanded of prime minister, Shahbaz Sharif, to cut down import bill by discouraging imports of unnecessary items and he had agreed to it also but unfortunately the import bill of $ 7.5 billion June 2022 showed adverse trend and it had put more burden on the rupee. According to Mr Bostan Khan, cutting down of import bill was a quick
method to stop devaluation of the rupee and the government must understand that uninterrupted imports will expedite downfall of the local currency.
FDAP chairman added that he has also requested to Finance minister, Miftah Ismail, to take immediate measures to cut down unnecessary imports to help the rupee gain value vis a vis US dollar.
Since April last when Pakistan Muslim League Nawaz (PMLN) led coalition took over power as a result of successful no confidence against Imran Khan, the local currency has shed value of around 57 rupee. By March 30 last, dollar value to a rupee was hovering around Rs 180 and then with coming in of Shahbaz Sharif’s government it started to lose to the US dollar in a big way.
Pakistan’s economic crisis is deepening with each passing day. Its resulting in igniting the on-going price-hike and making the life of the people miserable.
Despite alarming economic downfall, the political elite of this country is enjoying political paly. None from the government and opposition camps is taking the national economic meltdown seriously.
There seems no end to the on-going political uncertainty. It’s like daylight that economic crisis is outcome of the political turmoil and both go hand in hand. It simply mean that economic meltdown can only be stopped once the country sees political certainty.
