Pakistan Business Forum (PBF) has warned that the rupee may further depreciate by Rs50 against the dollar, as the country has to pay back $25 billion in three years, with no arrangements in hand at present.
The forum asked the government to take immediate measures and negotiate with the world’s leading economies for a bailout.
“It is expected that against one dollar Pakistan’s currency may depreciate to Rs50, which would be a disaster for the economy and if this happened; industry and businesses would further squeeze,” PBF vice president Chaudhry Ahmad Jawad said.
Jawad emphasised that the Finance Division should ensure necessary arrangements and negotiate with the leading economies to seek a bailout that could help Pakistan pay its debt and revive the economy.
The rupee remained under pressure in 2022, and declined by 28 percent against the dollar. However, the weakening currency couldn’t spur exports of the country, which were badly hit by imports curbs.