KARACHI – The prices of steel, which is one of essential components in construction, saw a decline in Pakistan as rupee has gained significant gains against the US dollar since September 2023.
After Pakistani rupee hit historic high level, crossing Rs300 mark, the Pakistani authorities launched a crackdown against currency smugglers and hoarders. The operation yielded positive results as the local currency started strengthening against the greenback.
A day earlier, the Pakistani rupee advanced its upward trajectory against the US dollar for the seventh consecutive session.
Data shared by the central bank said the local currency climbed against the USD, appreciating by Rs0.24. During the trading, it was quoted at 284 and eventually settled at 284.14.
The steel rates plunged by Rs60,000 per ton in Pakistan following the rupee appreciation against US dollar.
The new price has been fixed at Rs245,000 per ton than previous Rs305,000.
As of December 7, 2023, the price for local steel stands at Rs245,000 while the price for branded steel is ranged between Rs262,000 to Rs265,000.
