It is heartening to note that the Pak rupee slide halted, albeit modestly, on Friday. But the fact remains that the rupee has been battered consistently since the last month in particular. There are reasons behind this decline of the currency. One of the reasons behind the situation is said to be the smuggling of US dollar to Afghanistan. The rising imports could be another reason. It is quite unfortunate that the rupee slide is one of the major reasons behind the woes of Pakistan Stock Exchange (PSX). PSX, one of the best-performing stock exchanges in the world, is unfortunately now described as the worst-performing stock exchange. The authorities concerned need to step in to take remedial actions without any further loss of time.
Nasim Farooqui (Karachi)
Copyright Business Recorder, 2021
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