Rawalpindi: The Rawalpindi Chamber of Commerce and Industry (RCCI) has expressed serious concerns over the sharp fall in the value of Pakistani rupee against the US dollar. RCCI President Malik Shahid Saleem in a statement said that the depreciation of Pakistani rupee would have a massive negative impact on the already fragile economy of the country. “The dollar has risen to an all-time high of Rs163 in open market and it must be controlled, as it could have a devastating impact on all segments of society, particularly the Small and Medium Enterprises (SMEs),” he added. Devaluation of rupee against all major international currencies is the reflection of weakness of the economy, he remarked. “The depreciation will increase prices of all the essential items and will result into high inflation,” he added. He said that the fall of rupee in open market from Rs 157 per dollar to Rs 163 per dollar in just one day should be a cause of great concern for policymakers and monitoring bodies. He said that one-time jump of approximately 6 rupees is unbearable for the importers as well as exporters who have to explore new resources to fulfil their international financial deals. our correspondent
