Steel Prices witnessed a significant drop in Pakistan in December 2023

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In December 2023, the steel rates in Pakistan have experienced a notable decrease, thanks to the significant strengthening of the Pakistani rupee against the US dollar. This positive development can be attributed to the crackdown on currency smugglers and hoarders, which resulted in the strengthening of the local currency.

The Pakistani rupee has been on an upward trend against the US dollar for the seventh consecutive session, according to recent data from the central bank. During trading, the rupee appreciated by Rs. 0.24 and settled at a quoted value of 284.14, surpassing the Rs. 300 mark.

This appreciation of the Pakistani rupee has had a direct impact on the steel rates in Pakistan. The price of steel, a crucial construction component, has witnessed a substantial decline, dropping by Rs. 60,000 per ton. The revised price now stands at Rs. 245,000 per ton, significantly lower than the previous rate of Rs. 305,000.

The strengthening of the Pakistani rupee against the US dollar has resulted in a decrease in steel rates in Pakistan, making it more affordable for construction purposes. This development is expected to benefit the construction industry and boost infrastructure projects in the country.

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