More than 65 percent of export depended on textile which suffered a loss of more than five billion dollars mainly because of the energy crisis, he said. Giving other reasons for the devaluation of the rupee, Lashri said that widening current account deficit and excessive government borrowing from the central bank were the main reasons behind the devaluation of the rupee and increasing inflation.
He said that decrease in foreign exchange reserves due to high import bill and payments to IMF, rupee came under tremendous pressure and dollar got appreciation. On political front, Piaf Chairman said Pak-US ties had continued to remain soar and resultantly payments on the account of coalition support fund amount to 800 million dollars had been withheld by US.