FPCCI for taking stern action against exploiters of current political situation

Islamabad

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Sunday voiced concern over the sudden erosion in the exchange rate and termed it against and unacceptable. The local currency has nosedived after remaining stable for three and a half years and now a US dollar is being sold at Rs 107.25 in the open market which has created uncertainty, it said. “Regional Chairman FPCCI of Horticulture Exports, Ahmad Jawad asked the concerned to take immediate steps to stabilise exchange rate and take action against the elements who are trying to exploit the current politically uncertain environment.” He said that fall of the rupee will not improve exports and it will not help authorities tackle record trade deficit. Export policy should be adjusted to improve export competitiveness leaving exchange rate unchanged as it will damage masses by making imports costly and stoking inflation.—APP

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