LAHORE: Business community has expressed grave concern over the rapid rupee devaluation and termed it devastating to the country’s economy.

“The surge in dollar price will badly affect manufacturing sector as raw material prices and cost of doing business continue shooting up,” said Lahore Chamber of Commerce and Industry (LCCI) in a press release on Thursday.

The rupee devaluation is contributing towards high inflation and slowing down growth by adversely impacting all the important sectors of economy. The dollar price will lead to increased import costs and hike in fuel prices.

“The unchecked rise in the greenback rates is multiplying the cost of doing business and badly affecting industrial, manufacturing, and agriculture sectors as Pakistan has to import fertilisers, food items, oil, machinery and industrial raw material.”

The LCCI sought a clear policy statement from the government on dollar prices as heavy devaluations in a single-day would hamper trade and economic activities, besides jacking up inflation to unmanageable level.

Published in Dawn, June 28th, 2019