Daily Times

As we approach the likely end of yet another desperate attempt to score big in the currency market, the notion of the Pakistani rupee moving around becomes inescapable. Losing 0.38 per cent of its value on Tuesday for the 12th straight session, the rupee changed hands at Rs 286.39 dashing towards the terrifying triple century.

Till now, the differences with the open market are largely manageable but with the pace with which this downward trajectory is eating into the months-long recovery, the dollar situation can very well be expected to get out of hand in the blink of an eye. Amid speculations of smuggling rackets gaining momentum in the wake of Afghan refugee repatriation and fears of anti-state elements writing off the rupee, the state might soon run out of options to consolidate the confidence of its business community. That growing pessimism about the real value of the rupee adds to dollar stickiness has repeatedly been warned.

The authorities should see the merit in snapping out of its complacency so that any gaping loopholes can be plugged in. While Islamabad’s smooth talks with the IMF do hint at the possible consolidation around levels being experienced by the market forces, we cannot sit idle to exasperated bouts of inflation and devaluation.

In the past, administrations have either pumped rupees into the economy at the expense of foreign liquidity or simply put their hands up in the air and blamed external factors. Instead of letting the printing machines dance to a menacing tune, some concern should be shown as to why Pakistan stands as the only country in the region whose currency keeps aiming for the bottom pit of hell.

Dollars being short, imports discouraged or outrightly banned and widespread chaos basking in the limelight. Before the daggers are out and raids become in vogue for the zillionth time, it might be a better idea to think about the economics. *