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Oil prices rise in Asia as Doha meeting, US report loom

01:50 PM | 11 Apr, 2016
Oil prices rise in Asia as Doha meeting, US report loom
SINGAPORE (APP) - Crude prices edged down in Asia Monday following last week's gains that were fuelled by data showing a drop in US production, while traders look ahead to an upcoming meeting of oil majors they hope will lead to output limits.

Data showing US stockpiles and output had seen a surprise fall provided some much needed impetus to the market last week, with a fall in the number of rigs drilling also providing strong support.

Dealers are keenly awaiting the next stockpiles report due Wednesday hoping for a further fall, which would indicate a pick-up in demand.

But the key focus is on the April 17 meeting in Doha, where most of the world's top producers led by Russia and Saudi Arabia will discuss a global glut that helped send prices plunging by three quarters between August 2014 and February this year.

At around 0600 GMT Monday, US benchmark West Texas Intermediate for May delivery was down 18 cents, or 0.45 percent, at $39.54 and Brent crude for June was 18 cents, or 0.43 percent, off at $41.76.

Both contracts rose eight percent or more last week. "This coming Wednesday is very critical as we will monitoring whether or not these falling (US) inventories are a one-time thing or a trend," said Margaret Yang, an analyst with CMC Markets in Singapore.

"If inventory data falls, it will be a strong support for prices to rise," she told AFP.

However, while there is a growing expectation the Doha meeting will see signatories agree to a production freeze at January 2016 levels, analysts were sceptical of the long-term impact of such a deal.

Yang said that a production cut, not a freeze, would be more effective in boosting oil prices.

"Currently, production of those countries are at historical highs. Even though they can come up with a consensus to freeze the production at current levels, it doesn't help," she said.

"If they can come up with a conclusion to reduce production, that would be more meaningful."

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Pakistani rupee remains stable against US dollar, Euro, Pound and other currencies

Pakistani rupee remained stable against US dollar, and other currencies in the open market amid strong economic cues.

Dollar Rate in Pakistan Today

On Sunday, the US dollar was being quoted at 285.15 for buying and 287.95 for selling.

Euro moves down to 309.9 for buying and 310.5 for selling. British Pound rate stands at 359.4 for buying, and 360.05 for selling.

UAE Dirham AED also moved down to 77.45 whereas the Saudi Riyal drops to 75.82.

Today’s currency exchange rates in Pakistan – 3 December 2023

Currency Symbol Buying Selling
US Dollar ‎USD 285.15 287.95
Euro EUR 309.9 310.5
UK Pound Sterling GBP 359.4 360.05
U.A.E Dirham AED 77.45 77.6
Saudi Riyal SAR 75.82 75.97
Australian Dollar AUD 187.72 188.22
Bahrain Dinar BHD 759.94 767.94
Canadian Dollar CAD 209.99 210.49
China Yuan CNY 39.78 39.88
Danish Krone DKK 41.95 42.05
Hong Kong Dollar HKD 36.38 36.48
Indian Rupee INR 3.39 3.5
Japanese Yen JPY 1.49 1.56
Kuwaiti Dinar KWD 926.39 935.39
Malaysian Ringgit MYR 60.38 60.98
New Zealand Dollar NZD 173.44 175.44
Norwegians Krone NOK 26.25 26.55
Omani Riyal OMR 742.16 750.18
Qatari Riyal ‎QAR 78.5 79.2
Singapore Dollar SGD 212.45 212.95
Swedish Korona SEK 27.09 27.19
Swiss Franc CHF 325.38 325.88
Thai Bhat THB 8.05 8.09

Gold prices increase in Pakistan; check out today gold rates in Pakistan - 3 December 2023  

The price of gold increased by thousands of rupees due to an upward trend in the international market.

Gold Rates in Pakistan Today - 3 December 2023

On Sunday, the price of a single tola of 24-karat gold stands at Rs219,800 and 10 grams of 24k gold costs Rs188,450.

Meanwhile, single tola of 22 Karat gold costs Rs201,482, 21 karat rate costs Rs192,325 and 18k gold rate is Rs164,850.

Globally, gold prices hover at around $2072, gaining $32 on Sunday.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 219,800 PKR 2,730
Karachi PKR 219,800 PKR 2,730
Islamabad PKR 219,800 PKR 2,730
Peshawar PKR 219,800 PKR 2,730
Quetta PKR 219,800 PKR 2,730
Sialkot PKR 219,800 PKR 2,730
Attock PKR 219,800 PKR 2,730
Gujranwala PKR 219,800 PKR 2,730
Jehlum PKR 219,800 PKR 2,730
Multan PKR 219,800 PKR 2,730
Bahawalpur PKR 219,800 PKR 2,730
Gujrat PKR 219,800 PKR 2,730
Nawabshah PKR 219,800 PKR 2,730
Chakwal PKR 219,800 PKR 2,730
Hyderabad PKR 219,800 PKR 2,730
Nowshehra PKR 219,800 PKR 2,730
Sargodha PKR 219,800 PKR 2,730
Faisalabad PKR 219,800 PKR 2,730
Mirpur PKR 219,800 PKR 2,730

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