Korangi Association of Trade and Industry (KATI) President Salman Aslam while expressing concern over the high level of dollar in the open market and interbank market said that the value of dollar has reached a record high in the history of the country.
This is a matter of great concern to the local industrial production circles. “Ukraine’s protracted war and rising oil prices have hurt our exchange rates, while our foreign exchange reserves are dwindling,” he said.
Salman Aslam said that for the first time in the history of the country, the dollar crossed the figure of 182 rupees. He said that rising dollar prices of raw materials and other commodities used in industries would lead to increase in locally produced goods which would lead to increase in inflation and unemployment. The e-sector will also be severely affected.
President KATI said that the increase in prices due to supply and demand is not justified. If the demand for dollar increases, the value of dollar may increase but the increase in supply does not show any decrease in prices which is a matter of concern. He said that the dollar could be allowed to float freely in the market to some extent.
However, the rise in dollar prices in the open market and interbank market Concerned neo-hippies and their global warming,
He said that the prices of raw materials have also gone up while the industrialists are facing difficulties in fulfilling the import orders.
President KATI Salman Aslam appealed to the people to keep the dollar stable for economic stability, for which the Government should take all possible steps to devalue the dollar.
