State Bank of Pakistan (SBP) statement for another downward correction in value of domestic unit versus greenback would be taken seriously. SBP should take measures to control surge of dollar versus rupee as high depression in value of rupee has already damaged economy of the country. Terming rupee depreciation against dollar an unexplained development, leaders of business community said that continued fall of rupee was not understandable with a fact that there was no fundamental change in country’s imports during last three months while other economic indicators were also same for a long time. President All Pakistan Business Forum Maaz Mahmood and Agha Saiddain, Chairman of Pakistan Tanners Association were of the view that cost of deals done by exporters with their foreign counterparts has increased manifold due to big fall of rupee against US currency. However exports of country were recorded at $24 billion against huge imports of $60 billion with a deficit of $36 billion but government needs to take administrative measures, as cash dollar is being flown out of three major airports in Pakistan. They appreciated positive development, related to imports, which have now started decreasing in this financial year followed by government’s initiative of imposing regulatory duties. The imports in early months of financial year 2017-18 were increased by 24 percent. They said that widening current account deficit, excessive government borrowing, absence of foreign flows and lack of foreign investment was vital reasons for constant depreciation of domestic currency against US dollar. There was no fundamental change in imports for last couple of months, which could become a reason for rupee depreciating. State Bank of Pakistan and Ministry of Finance should keep eye on it and trace out group involved it. Moreover, State Bank and the government need to intervene and come up with policy reforms to control depreciation of rupee which is becoming more and more valueless. It was unfortunate that Islamabad had announced to start its financial transaction with several countries under currency swap agreement in March 2013 aiming at controlling its import bill and balance of payment, but no implementation is seen so far. They both observed that causes of depreciation of currency are multiple which in combination push and pull respective currency’s quotation in conjunction with other currency. If there is more demand for dollars in Pakistan than supply, rupee would depreciate. So, government should take steps to commence trade with other countries in local currencies with special emphasis on greater foreign investment in Pakistan’s lagging value-addition economic activities for making meaningful improvement in bilateral trade balance. Published in Daily Times, December 16th 2018.