According to the data, the spread of Pakistan's foreign exchange reserves crisis has prevented banks from issuing letters of credit to steel companies. In addition to causing the closure of steel mills, the crisis has also left many factory workers unemployed and the Pakistani Rupee (PKR) depreciating.
The Pakistani rupee decreased 35% against the US dollar in one week to 267.9 rupees. The decrease in the value of the currency (for PKR) caused local steel prices to increase. Rebar sales were temporarily halted.
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