thenews.com.pk 20 Sep, 2020 03:30 am

Rupee foolish, dollar wise

Rupee foolish, dollar wise
LAHORE: Perhaps irrationally deregulating Pakistani currency was the biggest blunder committed by this government that led the state to somewhat lose any control whatsoever it had over the...

4 in December 2017 -six months after the removal of Nawaz Sharif as prime Minister.To have a clearer assessment of the decline in incomes because of dollar appreciation let us consider the case of a person drawing Rs106,000 in December 2017 that was equivalent to $1,000.The person earning $1,000 equivalent in December 2017 is now earning $363 less.If we take the case of a person earning Rs50,000, his/her salary has dipped from $470 in December 2017 to $300 - a straight decline of 40 percent in earnings in dollar terms.

The person earning Rs17,000 in December 2017 was earning a pathetic amount of $159.If the import duty on an item worth $1 is 10 percent and the sales tax is 17 percent on duty-paid value, the cost would depend on the value of the dollar.

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