Acting President of Korangi Association of Trade and Industrial (KATI) Farrukh Qandhari has expressed concern over the rise in the value of the dollar once again. He said that the rise in the value of the dollar at the time of negotiations with the IMF would have a detrimental effect on the economy. Prime Minister Shahbaz Sharif should use his influence to cooperate with friendly countries to strengthen the Pakistani rupee and increase its foreign exchange reserves. He said that with the advent of the new government, the dollar depreciated by Rs. 8-9, and after a few days it increases again to 4 rupees.
Farrukh Qandhari said that leaving the dollar on the free float in the market is causing irreparable damage. Pakistan’s currency is considered one of the worst in the world.
Acting President KATI demanded that the government immediately end the free float of the dollar in the currency market and persuade the IMF to relax the conditions imposed on the currency market. He said that the recent rise in the value of the dollar had reduced the debt burden by 800 billion rupees, which is increasing again.
The Acting President said that improvement in the political landscape and economy was essential to stabilize the value of the dollar. He appealed to the Prime Minister to immediately stop the appreciation of the dollar so that Pakistan would not face further economic difficulties.