LAHORE: Pakistan Businessmen and Intellectuals Forum (PBIF) on Thursday said that record fall in value of rupee versus dollar is unfortunate which has impaired all the sincere efforts to stabilize exchange rate since last two years.
Export policy should have been adjusted to improve export competitiveness leaving exchange rate unchanged as it will damage masses by making imports costly and stoking inflation, said PBIF president and former provincial minister Mian Zahid Hussain.
He said that the uncertainty hit importers and masses while currency dealers are selling dollar up to Rs 106.50 which calls for intervention by authorities.
Devaluation will not support the exports as expected due to recession in the European Union therefore the export industries should focus on cost reduction, skill development, value addition and up gradation, he said.
