Rupee loses 0.02% against dollar; Gold price jumps Rs2,800 per tola
Observer Report Islamabad/Karachi
The price of sugar continues to soar and has now crossed the price of petrol even as this item is being sold as high as Rs150 per kg in different cities while petrol is currently being sold at Rs138.30 per litre in the country. In the wholesale market of Peshawar, the price of sugar has increased by Rs8 per kg.
The president of the Sugar Dealers Association said that sugar is being sold at a wholesale rate of Rs140 per kg while the retail price has gone up from Rs145 to Rs150 per kg.
Meanwhile, in Lahore, the price of sugar in the wholesale market was Rs126 per kg yesterday and sources said that sugar dealers have increased the price by creating artificial shortage to make illegal profits.
The market sources said that the price of sugar in the wholesale market has increased by Rs9 per kg.
The price of sugar in Akbari Mandi has risen to Rs135 per kg, whereas retail sugar is being sold at Rs140 per kg In Karachi, the ex-mill price of sugar has now reached the highest level in history at Rs142 per kg, an increase of Rs12 from a day earlier.
In two weeks, the ex-mill price of sugar has gone up by Rs44 per kg. With the increase in the ex-mill price, the wholesale price of sugar has gone up to Rs143 per kg, having risen by Rs19 over the course of a mere two days. and at the retail level, the increase in the price will have an impact on all new sugar purchases.
A similar situation is being witnessed in Quetta, where the price of sugar has gone up from Rs124 to Rs129 per kg.
Meanwhile, the rupee snapped a six-day winning streak against the dollar on Thursday, losing 0.02% to close the session at Rs170.01 in the interbank market — a slight loss from yesterday’s close of Rs169.97.
The rupee has been on an uptrend since Pakistan received funds worth $3 billion from Saudi Arabia last week and had gained around Rs5.30 against the greenback during the period of October 27-November 3.
On the other hand, gold prices in Pakistan skyrocketed on Thursday partly due to the uptrend in commodity prices in the global market and partly due to rupee depreciation.
Gold prices in the local bullion market soared by Rs2,800 per tola and Rs2,400 per 10 grams to reach Rs120,200 per tola and Rs103,052 per 10 grams.
A day earlier, the precious commodity closed at Rs117,400 per tola and Rs100,652 per 10 grams.
