Pakistan Chemicals and Dyes Merchants Association's (PCDMA) chairman Khawaja Arif has said that the rupee's depreciation was making import of raw material more and more expensive, besides causing a negative impact on the local manufacturing industry.
Voicing his concern over devaluation of the Pak rupee against the US dollar, he said that if the trend continues unabated it will prove detrimental for the country's economy. "Devaluation of rupee is multiplying the cost of doing business and badly affecting the industrial and manufacturing units which import machinery and raw material," he said, adding that neither the exporters nor importers will benefit from weak rupee.
He said that under the current scenario depreciation of the rupee won't give a push to the country's exports, rather it will inflate import bill and inflation that, over the years, became closely linked to the exchange rate because of Pakistan's reliance on imports, particularly energy inputs. He urged the government to immediately revalue rupee to protect national economy from being ruined.