ISLAMABAD: The devaluation of Pakistani rupee against American dollar has been continued and the exchange rate crossed 112 figure against the dollar despite the claims by State Bank of Pakistan to take necessary measures in this regards.
In the open market, the rupee is more disturbed and being disgraced when it is submitted for exchange against American dollar while the same situation is for inter-bank change.
State Bank of Pakistan is just issuing statements that it is monitoring the market, but according to latest reports, the SBP has not taken any action to stop the devaluation of the rupee and the government has not even responded to the present devaluation of the rupee.
The money changers, who deals with the sale and purchase of the dollar, are of the view that uncertain market situation is going on due to lack of any action taken by the government to stabilise the worth of the rupee against the dollar. They were of the view that government want to show increase in the figures of export using the devaluation of the rupee.
Parliamentary Secretary for Finance in the National Assembly Rana Muhammad Afzal in an interview said the government has taken the decision to devalue rupee against the dollar on the demand of business community who deals in export business as they were demanding that let the market adjust the exchange rate without the interference of the government. He argued that change of exchange rate will also discouraged the import of costly imported things as the prices of these imported commodities will be high after the change in the exchange rate.