Lahore Chamber of Commerce and Industry Tuesday feared that dollar surge could reignite high inflation and halt growth by hitting all the important sectors of economy. The LCCI President Irfan Qaiser Sheikh said here that recent surge in the prices of greenback would not only jackup the input cost but also erode profit margins, therefore, State Bank of Pakistan needs to ascertain the factors weakening the value of rupee and check the possibilities of undue speculations and malpractice in the operation of foreign exchange markets in Pakistan to stabilize rupee and restore the confidence of the business community. He said though the weaker rupee benefitted the exporters by giving them more rupees per dollar, but this benefit was neutralized by the costly imported inputs of manufacturing sector including textiles thus eroding the financial advantage of a weaker rupee.
LCCI tells a horror story
