Rupee Appreciation Stays With Cement Sector Sales

Amid coronavirus pandemic, countries pulled through hard times but Pakistan’s economy has seen jubilation with Pakistani Rupee (PKR) unceasingly gaining strength against dollar and cement sales soared by 13.92%.

With falling off by Rs 2.25 in a month, USD declined by 19 paisa to close at Rs 157.85 rupees this week at interbank.

Not only USD, but the rupee also gained strength against Euro, Emirati Dirham, and Saudi Riyal (SR) in the open market.

PKR gained Rs 1.5 rupees against Euro, 5 paisas against UAE Dirham, and 10 paisas against SR.

As per sources, the good news of the drop in the dollar rate would help reduce the debt burden by Rs 1,096 billion.

Besides, the cement sector showed a growth of sales by 2% from 4.489m ton to 4.577m ton in February.

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According to data shared by the All Pakistan Cement Manufacturers Association (APCMA), North-based mills dispatched 26.82m tons for domestic consumption, while South-based mills dispatched 4.79m tons.

Local cement dispatches in February witnessed a 6% hike to 3.961m tons as compared to 3.735m tons in the same month of 2020, sources revealed.

However, the exports also grew 6.62% to 6.33m tons from 5.94m tons in the current fiscal year.

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During eight months of this fiscal year, total cement sales (domestic and exports) stayed 37.95 million tons.

The sales were 13.92% higher than the 33.31 million tons of cement dispatched during the corresponding period of last fiscal year.

Amid the coronavirus pandemic, the strengthening of the Pakistani Rupee and boost in cement sales can help the economic growth of the country.