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Afghani slips against dollar, rupee

Afghani slips against dollar, rupee

Apr 14, 2011 - 16:59

KABULinfo-icon(PANinfo-icon): The afghani fell against other major currencies during the outgoing week in Kabul, where rates of food items and gold jumped, dealers said on Thursday.

One US dollar accounted for 45.85 afs and 1,000 Pakistani rupees for 543 afs, Himmatullah Khostai, a moneychanger at the Shahzada Money Market, told Pajhwok Afghan News.

He linked the fall to the increased circulation of the currency in the market by Da Afghanistaninfo-icon Bank during the outgoing week. The central bank usually releases $34 million to $40 million a week, but this week a deficit of nearly $5million happened in the greenback supply.

The afghani slipped a month after the finance ministry opened a bidding process for an unknown quantity of steel. Bidders provided guarantees in the local currency.

After the bidding process concluded, traders released their guarantee amounts to the market, affecting the value of afghani, the moneychanger explained.

The decline sent prices of food items soaring, said the head of Food Traders Union, Fazl Rahman. A 50-kilogram sack of Brazilian sugar sold for 2,050 afs against its last week's price of 2,000 afs.

A 50-kg bag of Pakistani rice cost 2,280 afs and the same amount of flour 1,020 afs against their last week's rates of 2,200 and 980 afs.

A five-kg cane of Koh-i-Noor ghee sold for 342 afs, one kg of African black tea for 190 afs and a similar amount of Indonesian tea for 160 afs. Their last week's rates were 330, 180 and 150 afs respectively.

Abdul Baseer, a jeweller in the upscale Lisa-i-Maryam neighbourhood, said one gram of Arabian gold sold for 1,850 afs and the same amount of Iranian gold for 1,550 afs, registering an increase of 100 afs. Baseer linked the hike to higher prices in the international market.

The rate of one kg of gas stayed unchanged at 45 afs, said a gas seller in the Kalola Pushta neighborhood, Nabiullah.

One litre of diesel was priced at 57 afs, while the same amount of petrol cost 55 afs, said a worker at a filling station in the fourth Macro Rayan area, Abdul Rauf.



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