Monday, September 25, 2023

Massive Increase in Steel Price in Pakistan, Here’s Today Rate

The cost of construction materials in the country has seen an increase of Rs. 10,000 per ton recently. Following this recent bump, the price per ton of construction materials in Pakistan has now reached Rs. 280,000.

Hamad Poonawala, President of the All Pakistan Iron and Steel Merchants Association, has expressed concern about the potential for further hikes in steel prices due to the continuous rise of the dollar’s value. Notably, according to data released by the State Bank of Pakistan, the dollar’s exchange rate closed at Rs. 294.93 in interbank trading. Today, the dollar has experienced an increase of Rs. 3.42 in the interbank market, whereas it had closed at Rs. 291.51 the previous day.

In the open market, the dollar’s price has risen by another one and a half rupees, reaching Rs. 303.50. This fluctuation in the dollar’s value and its impact on construction material prices have led to discussions about its potential consequences for various sectors in the country.

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