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Oil prices slide to fresh lows in Asian trade

11:43 AM | 12 Aug, 2015
Oil prices slide to fresh lows in Asian trade

SINGAPORE (APP) - Oil prices extended losses in Asia on Wednesday as dealers worried about China's economy following its surprise currency devaluation, while oversupply concerns also added to downward pressure, analysts said.

US benchmark West Texas Intermediate (WTI) for September delivery fell five cents to $43.03 while Brent crude for September slipped 35 cents to $48.83 in late-morning trade.

WTI on Tuesday sank to its lowest level since March 2009, while Brent also fell in London, after China's central bank moved to devalue its currency by nearly two percent against the US dollar.

The People's Bank of China again lowered the daily fix that sets the value of the Chinese currency against the greenback on Wednesday by 1.62 percent, sending a new shockwave through financial markets.
"The Chinese yuan continues to weaken for the second day, which could suggest further weakening of oil prices," said Daniel Ang, an investment analyst at Phillip Futures in Singapore.

Investors fear Beijing's move signalled concerns over growth in the world's second-largest economy and top energy consumer, which came after data published over the weekend showed a slump in Chinese trade.

It also pushed up the greenback, which strengthened further against Asian currencies on Wednesday, which hurts dollar-denominated commodity prices by making them more expensive for international buyers.
Ang said prices were also under pressure after the Organization of the Petroleum Exporting Countries (OPEC) said output in July rose by 100,700 barrels per day from the previous month to 31.5 million barrels per day.

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

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PKR rate against US Dollar, Euro, Pound, Riyal - Check 16 April forex rates

Pakistani currency gains momentum against all currencies on April 16, 2024 Tuesday. US dollar was being quoted at 277.9 for buying and 280.85 for selling.

Euro was quoted at 295 for buying and 298 for selling while British Pound stands at 345 for buying, and 349 for selling.

UAE Dirham AED was at 75.4 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 15 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.9 280.85
Euro EUR 295 298
UK Pound Sterling GBP 345 349
U.A.E Dirham AED 75.45 76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 182.7 184.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 204 206.2
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.91 912.91
Malaysian Ringgit MYR 58.92 59.52
New Zealand Dollar NZD 167.63 169.63
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.35 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76

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