Business
Steel prices increase by Rs10,000 per ton
Steel surge is due to the increase in the dollar's exchange rate.
Karachi: Steel prices for construction have witnessed a rise of Rs10,000 per ton due to the surge in the dollar's exchange rate and other influencing factors, bringing the per ton price to Rs280,000.
Merchants attribute the increase in steel prices to the rise in the dollar's exchange rate, which has led to an escalation in steel costs, and there are concerns about further price hikes.
It's noteworthy that within just two days, the dollar became Rs7.17 more expensive in the open and interbank markets under the watchful eye of the government.
The previous day, the interbank rate increased by Rs3.42, closing at Rs294.93, while the open market rate reached Rs303, marking an Rs3 hike.
After the agreement with the International Monetary Fund (IMF), the dollar has surged to Rs19 in the interbank and Rs23 in the open market.