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Oil prices higher in Asian trade

12:34 PM | 9 Jun, 2015
Oil prices higher in Asian trade
SINGAPORE (APP) - Oil prices edged higher in Asia Tuesday on a weaker dollar but gains were capped by concerns about tepid Chinese demand and OPEC's decision to maintain its current output levels, analysts said.
US benchmark West Texas Intermediate for July delivery rose 24 cents to $58.38 while Brent crude for July gained 23 cents to $62.92 in late-morning trade.
The US dollar edged down to 124.44 yen in Asian trade from 124.47 yen in New York well off the 125.56 yen seen on Friday.

A weaker greenback makes dollar-priced oil cheaper for buyers using weaker currencies, boosting demand and pushing global prices higher.

However, Singapore's United Overseas Bank said prices were weighed by "a slump in Chinese demand and worries that OPEC's decision to pump without restraint could prolong the current supply glut".
China released data Tuesday showing inflation eased in May, missing expectations and reigniting worries the country could tip into a deflationary spiral.

The figures came a day after officials said imports plunged last month while exports also fell, the latest indicators pointing to a continued slowdown in the world's top energy consumer.

Daniel Ang, investment analyst at Phillip Futures in Singapore, said dealers will next scrutinise more Chinese data to be released this week. Data on annual retail sales and industrial production will be released on Thursday.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 22 February 2024

Pakistani rupee remains stable against US dollar and other currencies in the open market on February 22, 2024 (Thursday)

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300.2 for buying and 303.2 for selling while British Pound rate stands at 350.6 for buying, and 354.1 for selling.

UAE Dirham AED hovers at 76.2 whereas the Saudi Riyal saw slight increase, with new rates at 74.45.

Today’s currency exchange rates in Pakistan - 22 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300.2 303.2
UK Pound Sterling GBP 350.6 354.1
U.A.E Dirham AED 76.2 76.95
Saudi Riyal SAR 74.45 75.2
Australian Dollar AUD 181.15 183.15
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207.15 209.15
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207.1 209.1
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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