The fall of the rupee

This refers to the news report ‘Anxiety rises as rupee falls’ (July 17). The continuing slide in the rupee doesn’t come as a shock. The country has been witnessing large trade deficits during the past five years that have been triggered by falling exports and uncontrolled rise in imports. A weaker rupee is inevitable in light of the flawed economic policies of the previous government. Simply put, the nation has been living beyond its means for a long time to project an artificial semblance of wellbeing.

The currency devaluation does not affect the rich. It is only the poor who are hit hard by this form of instability. Economic policies in this country are contrived by the tiny ruling class to serve their vested interests. It is now being feared that since the magnitude of the problem is so large, the recourse to the IMF alone would not suffice.

Shoaib Arif

Karachi