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Depreciation of the rupee has increased concerns about the economy

Depreciation of the rupee has increased concerns about the economy

The faster-than-expected decline in the value of the rupee is raising concerns about the country's economic situation and imports of essential goods in the coming weeks. Doubts are growing over the ability to pay the bills. According to , the exchange rate was mainly affected by a significant reduction in the central bank's foreign exchange reserves, which shrank to the lowest level in nearly 9 years. The level has come to 4 billion 34 million dollars.

The stock market is also suffering from severe decline and bearishness due to political uncertainty and worrying economic indicators and it is 3.5% on Tuesday. After the decrease, it closed at 38 thousand 342 points. On Tuesday, the rupee closed at Rs 228 66 paise against the dollar.

The local currency last appreciated against the dollar on December 1 when it 223 up by 0.12 percent to Rs It had closed at 69 paise, the decline of the rupee accelerated in recent days and during the last 6 sessions it depreciated by 1 rupee 25 paise.

Dollar Due to the scarcity of interbank and open market, there has been a huge difference in its rate, which has caused serious damage to the economy.

On this situation, a senior banker said that the huge decline in foreign exchange reserves has caused irreparable damage to the economy and hurt business confidence.

Bankers believe that the country will soon experience shortage of basic food items as well as petroleum products.

Currency in interbank market. Affairs expert Atif Ahmed said that in the month of June, China provided 2 billion 500 million dollars, since then there has been no significant inflow of dollars. They are seeing the flow and dollar outflow from the country.

They Expressing regret, he said that the State Bank has only 4 billion 34 million dollars in foreign exchange reserves, which is a serious threat to the country, while the current political uncertainty has reduced the country's ability to receive support from other countries and donor agencies.

Finance Ministry has assured exporters to allow imports but currency experts are still waiting for better decisions, a currency dealer said of the situation. Commenting on said that we need urgent help to save the country from default and situation like Sri Lanka.

However, exporters welcomed the decision. That is too late as they have lost significant share in the global market especially in textiles where Bangladesh has increased its lead over the last 6 months.

Shakeel Kakvi, director of the local textile manufacturing and exporting unit, says that we have received some orders from abroad but due to lack of orders and non-availability of gas, we have already closed several factories. They are not receiving orders.

Some experts also fear that the shortage of dollars may lead to rationing of petrol and diesel in the next two to three months. Trade, industry and the agricultural sector will also suffer severely when diesel is needed more during the harvest season.

A senior banker said that the Pakistan dollar are very important, we are monitoring the situation and look forward to the resumption of talks with the IMF and China's assistance in the form of debt rollover.

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