Pakistani expatriates are worried about the plunging rupee, fearing it will ruin their investments and make life difficult for their families back home. The news of 8% devaluation of the rupee against the dollar in just one day this Tuesday, came as a shock to overseas Pakistanis.
They realize they now have to send more money to help them cope with increasing prices of commodities. The rupee fell to all time low to 35.6 against the UAE Dirham on Tuesday. The rupee has plunged by 26% since December 2017, leading to inflation and massive price hikes.
Gulfnews.com quoted Haji Mohammad Yaseen, one of the largest importers of fruit, vegetables and other foodstuffs from Pakistan, saying he is worried that his customers here would have to pay more to buy Pakistani products: “Profit margins will be reduced and it will have negative impact on our businesses,” he said.