KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) requested the State Bank of Pakistan (SBP) to intervene on Tuesday to stop the rupee’s ongoing decline against the US dollar.
Mohammad Idrees, president of the KCCI, expressed alarm over the rupee’s fall to a record low of Rs186 versus the dollar, and requested the central bank to intervene to prevent further devaluation, which, he said, is wreaking havoc on the country’s economy, particularly inflation.
Though many have linked the decline to the country’s continuous political uncertainty, he cautioned that the State Bank, as a regulator, has a responsibility to stabilize the currency rate or the economy would face various issues.
“Rising dollar versus rupee increased the cost of conducting business, making Pakistani products noncompetitive in export markets and expensive for the average man in domestic marketplaces,” Idrees remarked.
According to the State Bank, the rupee depreciated by Rs1.14 in the interbank market today, reaching a new record low of Rs185.23 versus the dollar.