Rupee depreciation: President Alvi urges Pakistanis to buy local

KARACHI: President Dr Arif Alvi urged Pakistanis to buy products “Made in Pakistan” and shun imports after recent pressure on the rupee.
Taking to Twitter, President Alvi wrote, “Considering pressure on Pak rupee, I urge Pakistanis to buy ‘Made in Pakistan’.”
He added, “In this time of crisis we must try to avoid luxury goods and avoidable imported purchases. If you put your mind to it there is a long list of daily use imported products. This is what we must do together.”

The rupee hit an all-time record low of Rs144 against the US dollar, plunging almost five percent after what appeared to be a sixth devaluation by the central bank in the past year as the country struggles with an acute balance of payment crisis.

The surge in dollar came owing to the widening current account deficit and the International Monetary Fund’s suggestion to the government to realign the rupee with market fundamentals to access funds.
The rupee has depreciated by a massive 36 per cent against the dollar over the past 12 months. It has fallen by Rs19.5 against the dollar since the Pakistan Tehreek-e-Insaf took the reins of the country following the general election in July this year.