Dollar rises—against the troubled rupee at least
08/07/2008
The low dollar exchange rate is causing the leather industry around the world problems by contributing to already rising costs.
In Pakistan, however, the opposite is true: the dollar is causing the leather sector serious difficulties because it is too high.
A leading exporter of finished leather, and former chairman of the Pakistan Tanners’ Association, Agha Saidain, has told local media that the depreciation of the local currency, the rupee, has become so acute that the future of some sectors in Pakistan—including leather—could be under threat.
He pointed out that some industry sectors had already closed down production facilities in the country, with textiles the example he gave. He then criticised the government for failing to appoint a full-time minister of commerce.
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