Rise of dollar against rupee is troubling

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DNA

ISLAMABAD: FPCCI’s Presidential candidate Atif Ikram Sheikh on Fridays said the stability of the dollar against the rupee is worrying as the rupee has not yet stabilized as expected.

Steps should be taken to bring the rupee to one hundred eighty or one hundred and eighty-five to a dollar as per the expectations of the business community, he said.

Talking to the business community, Atif Ikram Sheikh said that the dollar was worth 215 rupees after retreating for two weeks but now it is gaining strength against the rupee which is disturbing.

The dollar fell from 239.50 rupees to 213.90 rupees this year, but now the fall has stopped and its value has increased to more than 218 rupees due to a reduction in remittances and dwindling exports and some decisions, he observed.

The business leader said that if the dollar continued to stabilize again, this will allow speculators and profiteers to again distort the market, affecting the public and the business community.

He said that the main reason for the increase in the value of the rupee is the commitments of the IMF and friendly countries, which should be ensured as soon as possible to improve the confidence of investors and provide relief to the people.

The government can try to stabilize the rupee by paying attention to reforms and reducing unnecessary imports, which is also necessary to maintain foreign exchange reserves as the rupee faces a serious risk of further decline against the US dollar.

The rupee after touching a lifetime low may settle soon due to low crude oil prices and likely improvement in the geopolitical situation.