KARACHI: The rupee fell sharply by 63 paisas against the dollar on Monday as oil prices touched $140 per barrel in the international market, dealers said. The rupee ended at Rs178.13 to the dollar from last Friday’s closing of Rs177.50 in the interbank foreign exchange market. The local currency is heading towards the all-time value. … Read more
LONDON, March 6 (Xinhua) — Another strong week for oil ended as Brent crude, a global benchmark, reached a fresh high. Analysts expect the uptrend to continue with the Ukraine crisis evolving, with the sting of rising prices impacting consumers worldwide amid higher inflation. SOARING PRICES Brent crude for May delivery increased 6.9 percent to … Read more
BEIJING: Continuing geopolitical tensions like those involving Russia and Ukraine have further tightened global energy supplies and are expected to push commodity prices higher, which will make the ongoing fragile global economic recovery more challenging, analysts said. Any escalation in hostilities will likely pose a significant risk to commodity exports and supplies and further inflate … Read more
KARACHI: The State Bank of Pakistan (SBP) is likely to consider the repercussions of high prices of oil and other commodities in the international markets, while announcing the monetary policy, which is scheduled for March 8, 2022. The SBP announced the first inflationary pressureof this year on January 24, 2022 and kept the key discount … Read more
KARACHI: The rupee recovered 33 paisas against the dollar on Friday amid reports of debt rescheduling agreements signed by Pakistan. The exchange rate ended Rs177.50 to the dollar from the previous day’s closing of Rs177.83 in the interbank foreign exchange market. The rupee made a recovery after declining for three straight days. Pakistan, a day … Read more
KARACHI: The rupee fell for the third straight day against the dollar on Thursday as oil prices in the international markets jumped to the 8-years high. The exchange rate recorded 21 paisas decline in the rupee value to close at Rs177.83 to the dollar from previous day’s closing of Rs177.62 in the interbank foreign exchange … Read more
KARACHI: The fall in the rupee value against dollar continued for the third straight day on Monday as oil prices climbed up in the international market. The rupee came down by 36 paisas against the dollar to close at Rs177.43 on February 28, 2022, as compared with last Friday’s Rs177.11 in the interbank foreign exchange … Read more
KARACHI: The rupee recovered 7 paisas against the dollar on Wednesday as the international oil prices recorded a decline. The exchange rate ended at Rs176.16 to the dollar, as compared with Rs176.23 the previous day in the interbank foreign exchange market. The dealers said that the declining trend in the global crude oil prices helped … Read more
KARACHI: The rupee depreciated 48 paisas against the dollar on Tuesday as the international oil prices rallied near $100 per barrel. The exchange rate ended at Rs176.23 to the dollar, as compared with Rs175.75 the previous day in the interbank foreign exchange market. The dealers said that the rising oil prices in the international markets … Read more
KARACHI: The dollar rebounded against the rupee by 47 paisas on Friday owing to weekly demand and high oil prices. The exchange rate ended at Rs175.86 to the dollar from the previous day’s closing of Rs175.39 in the interbank foreign exchange market. The rupee made gains during the past two trading sessions owing to ease … Read more
The leaders of the opposition parties on Wednesday hit out at the Pakistan Tehreek-e-Insaf (PTI) government after a massive surge in oil prices. Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari, Pakistan Muslim League – Nawaz (PML-N) President Shehbaz Sharif and Pak Sarzameen Party (PSP) Chairman Mustafa Kamal have issued statements against ‘oil bomb’ that … Read more
KARACHI: The rupee declined 31 paisas against the dollar on Tuesday, as international oil prices recorded a further rise, dealers said. The exchange rate ended at Rs175.78 against the greenback, compared with the previous day’s closing of Rs175.47 in the interbank foreign exchange market. The dealers said the upsurge in the international oil prices put … Read more
KARACHI: The movement of international oil prices will decide the fate of the rupee during the next week. Currently, the rupee is stable, owing to the inflows received from a lending agency and the proceeds of the Sukuk bond. The exchange rate for the week ended February 11, 2021 closed at Rs174.71 against the greenback … Read more
KARACHI: The surging global crude oil prices are likely to keep the rupee under pressure despite the measure taken by the State Bank of Pakistan (SBP) to provide support to the local currency. The hike in international oil prices coupled with the declining forex reserves of the country kept the rupee under pressure during the … Read more
KARACHI: The rupee fell for the third straight day against the dollar on Thursday, owing to a surge in the international oil prices. The exchange rate ended at Rs176.49 to the dollar from the previous day’s closing of Rs176.22 in the interbank foreign exchange market. The local unit recorded a decline of 57 paisas or … Read more
KARACHI: The rupee fell by 26 paisas against the dollar on Tuesday owing to a surge in the international oil prices. The rupee ended at Rs176.18 to the dollar, as compared with the previous day’s closing of Rs175.92 in the interbank foreign exchange market. The dealers said that the market witnessed panic buying for dollars … Read more
KARACHI: The Pakistan rupee’s stability is linked with the international oil prices and the demand for the dollars for export payments next week, as the foreign exchange reserves of the country is on the decline, analysts said. The international oil prices are on the rise for the last couple of days, while the external payments … Read more
KARACHI: The Pakistan bourse opened on a bullish note as the KSE-100 index witnessed an increase of 56.59 points, or 0.13 per cent, in the first hour of trading on Wednesday. The Pakistan stocks managed to close in a green territory as the global crude oil prices rose amid limited impact of Omicron virus on … Read more
Oil prices rose after a larger-than-expected drawdown in US inventories, shaking off worries about the likely hit to economic activity from the spread of the Omicron coronavirus variant. Brent crude futures ended the day up $1.31, or 1.8 per cent, to $75.29 a barrel. US West Texas Intermediate (WTI) crude futures settled at $72.76 a … Read more
LONDON: World oil prices fell by more than 5 per cent on Monday, as energy demand fears grew over the fast-spreading Omicron coronavirus variant. In morning deals, Brent North Sea crude tumbled 5.1 per cent to $69.79 per barrel and New York’s West Texas Intermediate oil lost 5.7 per cent to $66.84. The rapid spread … Read more
LONDON: Oil prices slid on Friday, heading for a slight decline over the week, on concern curbs to slow the spread of the Omicron variant could hit demand, Arab News reported. Brent crude futures declined 1.5 per cent to $73.88 a barrel at 1.10 p.m. Riyadh time, while US West Texas Intermediate (WTI) crude fell 1.4 per … Read more
LONDON: Oil prices rose on Friday and headed for their biggest weekly advance since late August, as the investors became less concerned over the potential effect of the Omicron Covid-19 variant on economic growth and demand for fuel. Brent crude rose one per cent to $75.16 a barrel at about 3:15pm Riyadh time, while WTI, … Read more
BEIJING: Consumer inflation in China picked up to its highest level in over a year in November, official data showed on Thursday, bolstered by an uptick in pork prices as seasonal demand spiked. The consumer price index (CPI), a key gauge of retail inflation, came in at 2.3 per cent on-year according to the National Bureau … Read more
NEW YORK: Oil prices edged lower in choppy trade on Wednesday, taking a breather after gains earlier this week, as investors assessed the impact of the Omicron coronavirus variant on the global economy, Reuters reported. The market had a muted reaction to US weekly inventory figures, which showed a smaller-than-anticipated decline in crude stocks and another bump … Read more
RIYADH: Gulf Cooperation Council (GCC) economies are likely to achieve an aggregate growth rate of 2.6 per cent in 2021, Arab News quoted the World Bank Gulf Economic Update, as showing on Thursday. The report, titled “Seizing the Opportunity for a Sustainable Recovery”, attributed the rebound to stronger oil prices and the growth of non-oil … Read more
Oil prices dropped more than 5 per cent on Friday, falling to the lowest level in two months, as traders, already concerned about potential oversupply in the first quarter of 2022, added the emergence of a new Covid-19 variant to their list of worries, Reuters reported. Brent crude, the international benchmark, slid 5.8 per cent to $77.44 … Read more
PARIS: The head of the International Energy Agency on Wednesday called on Opec and its allies to take measures to help bring oil prices down to “reasonable levels”. “I very much hope to see in the next meeting or meetings they… make the necessary steps in order to comfort the global oil markets and help … Read more
TOKYO: Japan is considering releasing oil from its reserves for the first time to curb surging oil prices, Kyodo news agency reported, as Prime Minister Fumio Kishida signaled his readiness to counter oil price hikes following a request from the US. However, Japan may struggle to justify such a move, as under its own laws … Read more
