Pakistani traders on Saturday went on strike against the soaring cost of living, including higher fuel and utility bills and record depreciation of the rupee against the dollar, which has led to widespread discontent among the public.
The traders pulled their shutters down across the country, while protesters burned tires on roads to express their anger.
"We have shut our shops in protest so that our message reaches the ruling class. If they don't consider our problems, we will devise further strategies, said Fahad Ahmed, a trader in Karachi, adding, "If you pay 100,000 rupees in rent for your shop and you have to pay an equal amount in electricity bill, how can you survive?"
Pakistan was on the verge of default before securing a lifeline deal with the International Monetary Fund. As part of the conditions for the bailout package, Pakistan was required to reduce subsidies that had been in place to cushion the impact of rising living costs. This likely contributed to the increase in prices, especially energy costs.
The value of the Pakistani rupee has significantly depreciated against the dollar, crossing a historic threshold of 300 rupees to the dollar. Exchange rate depreciation has led to higher import costs which in turn can contribute to inflation.
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