Kati slams sharp rupee decline

KARACHI: The Korangi Association of Trade and Industry (Kati) expressed concern over devaluation of Pakistani rupee against the US dollar, a statement said on Wednesday.

Kati Patron-in-chief SM Muneer said that common man would face worst consequences of this situation. Hike in commodities would add miseries to the life of the common people, he added. Kati President Danish Khan said that record low stock market was a sign of instability and it should be recovered soon to win investors’ confidence.

In the first speech after election victory, Prime Minister Imran Khan had vowed measures to cut production cost and cost of doing business. “Industry is awaiting for relief,” he said.

The Kati president said due to increased gas prices, the challenge of production cost faced by the industry becomes more severe and now the government would be going to the IMF for a bailout package.