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Pakistan’s rupee slide adversely impacts raw cotton prices

The melt down of Pakistan’s rupee against the US dollar has negatively impacted prices of raw cotton prices which rose by Pk Rs 200( 1.84 USD)/ (Rs 114.7)/40kg in the lower grade category and Pk Rs 100 ( 0.92 USD) / (Rs 57.40)/40kg in the higher grade category, in the Sindh and Punjab regions of the country. The Pakistani rupee value on October 31, 2013, was Pk Rs 106.86 (Rs 61.33) for one US dollar, which was quoted on November 30 at Pk Rs 108.46 (Rs 62.25) for one US dollar.

According to the Pakistan Cotton Ginners’ Association fortnightly report on cotton arrivals, the cotton arrivals into ginneries by November 15, 2013 remained 9.518 million bales compared with 8.519 million bales during same period last year depicting an increase of 11.73 percent year-on-year.

In 2012-13 cotton season, Pakistan’s cotton output fell by 12.81 per cent year-on-year to 12.915 million bales, compared to the previous season’s production of 14.813 million bales, mainly because of less sowing of the crop.

www.pcga.org

 
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