KCCI lambasts Reza Baqir for his statement on rupee devaluation

KARACHI: Statement by the state bank governor is deeply concerning, said Karachi Chamber of Commerce & Industry (KCCI) president Muhammad Idrees in response to Reza Baqir’s assertion earlier Thursday when he said rupee devaluation has greatly benefited overseas Pakistanis, ARY News reported.

Overseas Pakistanis send around eight billion US dollars into Pakistan in which rupee devaluaiton recently has added about 11 per cent, Muhammad Idrees added, but he added that the import bill has surged a worrying 65 pc due to this which is being ignored.

It would be better not to try and defend wrong policies and instead of ensuring benefit to a select of people, the policies must be for a larger interest of Pakistan, said the KCCI chief.

Dollar gaining against rupee has little advantage but it dents local economy on a much bigger level, he said.

Just today the external debt as surged to $13.5 from $12.5 due to bleeding rupee, said Idress.

RUPEE HITS NEW RECORD LOW AGAINST US DOLLAR

It is pertinent to note that the Pakistani rupee continued to lose ground and hit a new record low against the US dollar in the inter-bank currency market today.

The local unit finished at 173.96 against the greenback, registering depreciation of Rs0.49 or 0.28 per cent over the previous close of Rs173.47, according to the State Bank of Pakistan (SBP).

Gold rates increase once again as rupee bloodbath continues

This has meant in the bullion rate increase today as well.

Bullion rates in Pakistan have reported another surge, this time by Rs1,200 a tola as the US dollar continues to peak against the weak rupee.

The new rates after the increase today is 124,000 per tola of gold in the markets. In the 10 gram value, another standard weight of bullion, Rs1,029 have increased to now sell at Rs106,301.

However, in the global markets, the bullion rates have seen slide by $3 an ounce which is now available for $1,781 at the moment, said Chairman All Pakistan Jewelers Manufacturing Association, Muhammad Arshad.