ISLAMABAD – President Dr. Arif Alvi Sunday urged the people to buy ‘Made in Pakistan’ products to ease pressure on the shaken rupee.
The president, on his Twitter account, said: “Considering pressure on the Pakistani rupee, we must try to avoid luxury goods and avoidable imported purchases”.
https://twitter.com/ArifAlvi/status/1069122811917160449
“If you put your mind to it, there is a long list of daily use imported products. This is what we must do together,” read the tweet.
The suggestion comes from the President after The US dollar hit an all-time high of Rs142 against the Pakistani rupee in the interbank market on Friday.
Dollar gained Rs8 (a five percent increase) to touch the new high in the interbank market, a day after the ruling regime highlighted its steps taken in the first 100 days; the dollar stood at Rs 134 when the market closed on Thursday.
https://en.dailypakistan.com.pk/headline/us-dollar-skyrockets-to-rs-142-against-rupee-as-govt-completes-first-100-days/
According to economic experts, the spike in dollar comes owing to the widening current account deficit and International Monetary Fund’s (IMF) suggestion to realign the rupee with market fundamentals to access funds.
Following the massive rupee devaluation, Prime Minister Imran Khan same day said that people should not worry about the recent hike in US Dollar price against Pakistani rupee saying, his government was taking steps to ensure that a shortage of dollars would not exist in the future.
Addressing a ceremony to announce the launch of a car manufacturing plant by JW Forland, the prime minister said: “I want to tell everyone not to worry about the dollar hike. There is an adjustment taking place. We are taking steps which will ensure that there won’t be a shortage of dollars in Pakistan”.
