Weak rupee pushing up inflation: ICCI's ex-president
Weak rupee pushing up inflation: ICCI's ex-president
ISLAMABAD, August 02 (Online): Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Monday said the dollar is keeping the rupee under continued pressure.
The US dollar, which was trading at Rs 152.28 in the month of May, is now being traded at Rs 192.43 while rupee lost 93 paisa against the dollar in one week, he said.
Shahid Rasheed Butt said that the country will sink in unprecedented inflation if fall of the rupee continued therefore the SBP should review its decision of not interfering in the exchange rate to stabilize the local currency.
He said that dollar inflows have reduced while demand is increasing which can boost its value to Rs170 if corrective measures were avoided.
He said an increase of Rs10 in the value of the dollar has not only increased the loans but also effected almost everything as almost 20 billion dollars will be required for debt servicing in the current fiscal.
