Business & Economics
Afghani slips versus dollar, rupeeBy Abdul Qadir Siddiqui Jun 30, 2011 - 19:29
KABUL (PAN): The afghani fell against other major currencies during the outgoing week in Kabul, where the rates of petrol, wheat and cooking oil jumped and that of sugar dropped, dealers said on Thursday.
The buying rate of one US dollar was 47.70 afghanis and 1,000 rupees cost 555 afghanis. While the buying rate of a greenback was 46.90 afghanis last week, when 1,000 Pakistani rupees were exchanged for 535 afghanis, moneychangers at the Shahzada Money Market in Kabul told Pajhwok Afghan News.
Mohammad Amin, a moneychanger, linked the devaluation to the resignation of the central bank's governor, Abdul Qadir Fitrat, who had cited threats to his life as a reason behind the move.
Another reason, Amin said, was the scheduled drawdown of US troops from Afghanistan.
The decline sent prices of food items soaring, said the head of Food Traders Union, Fazl Rahman. A 50-kilogram sack of Pakistani flour sold for 960afs against its last week's price of 940afs. A 5-kg tin of Spin Ghar ghee was sold for 400afs against its previous rate of 380afs, he said.
However, he said the rate of 50-kg Brazilian sugar decreased to 2130afs from its last week's rate of 2150afts.
A 50-kg bag of rice cost 2,300afs, a kilogram of African black tea 185afs and the same amount of Indonesian green tea 155afs.
The rate of one kg of gas stayed unchanged at 45afs, said a gas seller in Thaimani neighborhood, Shamsul Haq.
One litre of petrol was priced at 59afs against its last week's rate of 58afs, while the same amount of diesel cost 58afs, said a worker at a filling station in the Thamani area, Khan Mohammad.
Abdul Baseer, a jeweller in the upscale Lisa-i-Maryam neighbourhood, said one gram of Arabian gold sold for 2,000afs and the same amount of Iranian gold for 1,600afs.