KARACHI: The Pakistan Economy Watch (PEW) has expressed concern over the steady fall in the exchange rate, saying that depreciation in Pak Rupee is dragging the masses and the economy down.
“The rupee has been constantly losing its value for the last nine days, which, if continued, will not only hurt the masses but also will hit businesses across the country,” said PEW President Dr Murtaza Mughal in a statement released on Wednesday. “The freefall of rupee will trigger inflation, hit developmental projects, deter local and foreign investment and add to foreign loans as well as uncertainty.”
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He alleged that some elements are trying a 30pc erosion in the value of rupee which would boost the value of one dollar to Rs180, adding that the government should not listen to such elements who want to benefit from the situation.
He noted that during the last one year, Pak rupee has been devalued by 35pc “but the cited objectives could not be achieved”.
