Trade deficit may soar after rupee decline
Sunday, May 11, 2008 at 3:29 pm Under Business News
KARACHI: The trade deficit is likely to climb further following decline of rupee value by about 10 percent.
The rupee has dipped by more than 10 percent against dollar which touched Rs70 in inter-bank market on Friday. However, the rupee value of dollar was brought to 66 with the State Bank of Pakistan’s intervention.
The speculators became active in view of growing demand of dollar because of international oil prices hitting unprecedented levels, analysts said.
In the prevailing circumstances the exporters’ profit is expected to increase, said the economists.
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