Fall in rupee hits India - Pakistan trade through Wagah
With the rupee threatening to touch Rupees 64 against the American Dollar, traders fear that there would be a fall of about 35% in imports from Pakistan through Attari -Wagah land route. Indian traders have been importing cement, gypsum, chemicals and dry dates from Pakistan.
Talking to ANI, Rajdeep Uppal, President Amritsar chapter of CII said that there has been a slump of about 25% in trade with Pakistan and imports from Pakistan are expected to fall more. He said that instability of the dollar is more worrisome for them than devaluation in the value of the rupee.
Traders urged the government and RBI to intervene and take necessary measures to stabilize the value of the rupee.
Pardeep Sehgal, a leading importer and Director of the Trans link, said that though the Pakistani rupee was also facing devaluation, the fall in the value of Indian rupee against the dollar is higher and it would be difficult to meet the gap.
He said they have requested the Pakistan exporters to revise the rate to ensure continuity of the trade.