THERE was uproar in India’s money market recently when the rupee hit a near six-week-low against the dollar.The central Reserve Bank of India stepped in at once with remedial measures. The rupee that had touched the level of 49.94 was able to recover and at the end of the day it closed at 49.70. Pakistani rupee which had once enjoyed supremacy over the Indian continued to shed its strength slowly and gradually over the past few decades. Now, PKR100 fetches 60 Indian rupees in the foreign exchange market.

The downward trend in the past four years is unprecedented. In 2008, when the present government came into power, the exchange rate of the Pakistani currency was around Rs60 a dollar. But it reached Rs90 plus within a short span of four years.

The government appears to be more interested in strengthening its position in the Senate rather than making serious efforts for strengthening the rupee and the country’s economy as a whole. It also appears hell bent on manoeuvring for completing its five-year term come what may.

MEHNAZ SIDDIQUI Islamabad