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SBP urged to step in to arrest rupee free fall

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KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) urged Tuesday the State Bank of Pakistan (SBP) to intervene to stem the continued fall of the rupee against the US dollar.

KCCI president Mohammad Idrees aired concern over the domestic unit plunging to a record low of Rs186 against the greenback and urged the central bank to play its role to stop further depreciation of the rupee, which, he said, is taking a heavy toll on the country’s economy, especially inflation.

Also Read: Pakistan’s trade deficit soars to $35.393bn

Though experts have attributed the depreciation to the ongoing political turmoil in the country, the State Bank being a regulator has a role to play to stabilise the exchange rate or else it would create numerous problems for the economy, he warned.

According to the State Bank, the rupee touched a fresh record low of Rs185.23 against the dollar after depreciation of Rs1.14 in the interbank market today.

Also Read: IMF to ‘continue supporting Pakistan once new govt is formed’

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