Staff Reporter
Lahore
Federation of Pakistan Chambers of Commerce and Industry President Mian Anjum Nisar on Tuesday urged the government to control volatility of rupee against the US dollar, as the industrial revival and economic growth is not possible without stability of local currency. Mian Anjum Nisar said in a media statement that Pakistani rupee continued its downward slide against the US dollar, moving in low range of Rs 167-168, despite the fact that Pakistan’s Current Account Deficit has reduced by 78 per cent owing to lower imports and better inflows.
He said that the CAD fell to US $2.97 billion during fiscal year 2019-20 while the import bill fell by 19 per cent to US $ 44.57 billion during this period but rupee continued to sink. He said that the inflows of workers’ remittances also grew by 6.4 percent to $23.12 billion during fiscal year 2019-20 which should have a positive impact on dollar-rupee exchange value.
