The downward trajectory of Pakistani rupee against the US dollar pressed ahead unhindered for the 21st consecutive session as it shed another nine paisas in interbank trading on Wednesday. According to the information collected from the forex dealers, the greenback went up by nine paisas in the morning session and was currently being traded at Rs228.75. On Tuesday, the local currency depreciated 0.14% in the inter-bank market as it declined by 32 paisas to close at 228.66. During the ongoing fiscal year, the rupee has depreciated 10.47% against the greenback. In a key related development, Federal Minister for Finance and Revenue Affairs Ishaq Dar had said that exporters of textile products, leather goods, surgical instruments, carpets, and sports goods would be given complete facilitation on the import of raw material/inputs to meet their export requirements.

The top priority of the government is to fully implement the Export Facilitation Scheme (EFS) of the Federal Board of Revenue (FBR) bringing all big exporters within the ambit of the scheme to allow duties and taxes-free inputs for goods to be exported. Moreover, the Exchange Companies Association of Pakistan (ECAP) suggested introducing and setting the special exchange rate of the US dollar against the rupee for export-import bills and remittances.

Credit: Independent News Pakistan-INP