LAHORE: FPCCI’s presidential candidate Atif Ikram Sheikh said stability of dollar against rupee is worrying as rupee has not yet stabilised as expected. 

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

Talking to business community, Atif Ikram said that dollar was worth 215 rupees after retreating for two weeks but now it is gaining strength against rupee which is disturbing.  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 reduction in remittances and dwindling exports and some decisions, he observed. 

He said that if dollar continued to stabilise again, this will allow speculators and profiteers to again distort market, affecting public and business community.  He said that main reason for increase in value of rupee is commitments of IMF and friendly countries, which should be ensured as soon as possible to improve confidence of investors and provide relief to people. 

Published in The Daily National Courier, August, 20 2022

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