KARACHI: Pakistan Yarn Merchants Association (PYMA) has urged the State Bank of Pakistan (SBP) to take effective measures to stop continuous devaluation of the rupee, saying the situation had put industries and businesses on risks.

“Continuous increase in value of the dollar has increased the cost of doing business due to which the business and industrial community is facing severe difficulties,” said PYMA office-bearers in a statement on Monday.

They added that the situation was affecting businesses and industries that rely on imported raw materials to sustain production activities. “The cost of importers has increased and industries are also facing an increase in cost of production in the form of expensive raw materials, which is also having a negative impact on exports.”

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