Rupee depreciation: President urges Pakistanis to buy local products

KARACHI: President Dr Arif Alvi on Sunday urged Pakistanis to buy products made in Pakistan and shun imported items after recent pressure on the rupee. In a Twitter message, President Alvi wrote: “Considering pressure on Pak rupee, I urge Pakistanis to buy 'Made in Pakistan'. In this time of crisis we must try to avoid luxury goods & 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.”

On November 30, the rupee hit an all-time record low of Rs144 against the US dollar plunging almost 5 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.