The devaluation of rupee has reached 90.00 per dollar. It weakened 4.82 percent in 2011, mainly because of import payments and a bleak outlook for the country’s economy; it lost 1.53 percent in 2010 and the pressure is likely to continue in 2012. A similar or even worse is the situation of economy in other sectors. I think amidst a host of quagmires, like memogate, conflict with Nato, suspension of US aid of $700m, failure of Railways and PIA and extreme shortage of power and gas, as well as spiralling corruption and inflation, this kind of devaluation is no surprise.
The worst can be expected in coming months and year with imminent collapse of the government. Who will determine as to who is responsible for all this? Why everyone is mum? Why nobody speaks?
FAUAD F ASHRAF