As we know that, Pakistani rupee is getting devalued next to Dollar, and on Monday 11-12-2017 US Dollar saw a raise of PKR 3, climbing to Rs.110 creating panic in the local market.
The rupee is facing bash from Dollar, local traders and currency analysts are helding accountable SBP (State Bank of Pakistan) for this. They are arguing that SBP itself is devaluating rupee against Dollar to appease IMF (International Monetary Fund). SBP responded and negated this disagreement with currency dealers also backing the stance of SBP.
Besides ,this tussle among traders and SBP, if the rupee gets devalued against Dollar the stuffs which Pakistan import will get costly for example crude oil, auto parts, and cars?
According to a few analysts, the car manufacturers might increase the price of CBU (Completely Built Unit) vehicles plus the price of locally assembled passenger cars by 8 to 10 percent. The bulk of the auto parts involved in the assembling of vehicles are being imported and if the Dollar keeps on getting powerful than it is rather probable that price of cars might even get increased in the country.
Furthermore, it is also being supposed that owing to the devaluation of rupee car manufacturers have by now prepared and is planning to amplify the price of cars in few days and will issue new prices in this regard. Besides, not only the prices of cars might go up but also the price of Oil as well.
There has been a rise in the price of Petrol, Diesel, and Kerosene oil for the past months and it appears that now owing to the devaluation of rupee, oil might get more costly in the country, which will put more economic pressure on the people. It is predictable by analysts that the oil prices might increase by 7 to 10 percent.
The government has lately strengthened its policies for importing a vehicle to end rupee from getting devalued. The government should do more in this regard.
