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Oil keeps rising on hopes of Saudi action

12:10 PM | 13 Aug, 2016
Oil keeps rising on hopes of Saudi action
NEW YORK (APP) - Oil prices continued to rise on world markets Friday as hopes of producer action to control output continued to cheer investors.

Already up nearly two dollars the day before, a barrel of West Texas Intermediate for September delivery again rose a dollar to close at $44.49 on the New York Mercantile Exchange.

In London, North Sea Brent for October delivery rose 93 cents to $46.97 a barrel on the Intercontinental Exchange.

Oil futures suffered a bearish July, with prices sinking on worries of bloated inventories, oversupply and less-than-solid demand.

But according to Paul Flynn of Price Futures Group, the Organization of the Petroleum Exporting Countries and the International Energy Agency have signalled they expect demand may rise and market forces could re-balance.

Poor recent economic indicators had helped soften the US dollar on exchange markets, which can make dollar-denominated oil contracts more attractive to international buyers, according to Flynn.

"But on an even bigger picture, the market's focusing on this potential for an OPEC deal at this meeting in Algeria next month," Flynn told AFP.

Saudi Arabian oil minister Kahlid al-Falih was quoted Thursday as saying producers could use next month's OPEC meeting to discuss "any possible action" on stabilising markets, despite the record Saudi production levels last month.

"The reason why we flicked the switch and turned sentiment around for the first time since the Brexit vote is that we're now more optimistic we're going to see demand continue to be strong and supplies average out," Flynn said.

Sarfraz Ali
Sarfraz Ali

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

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on Sept 22, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on September 22, 2023 (Friday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 292.9 296.05
Euro EUR 314 317
UK Pound Sterling GBP 372.5 376
U.A.E Dirham AED 81.7 82.5
Saudi Riyal SAR 78.75 79.5
Australian Dollar AUD 198 200
Bahrain Dinar BHD 783.43 791.43
Canadian Dollar CAD 220 222.2
China Yuan CNY 40.45 40.85
Danish Krone DKK 42.35 42.75
Hong Kong Dollar HKD 37.39 38.28
Indian Rupee INR 3.57 3.68
Japanese Yen JPY 1.92 1.99
Kuwaiti Dinar KWD 954.31 963.31
Malaysian Ringgit MYR 63.21 63.81
New Zealand Dollar NZD 175.71 177.71
Norwegians Krone NOK 27.87 28.17
Omani Riyal OMR 765.08 773.08
Qatari Riyal ‎QAR 81.57 82.27
Singapore Dollar SGD 217 219
Swedish Korona SEK 26.62 26.92
Swiss Franc CHF 329.09 331.53
Thai Bhat THB 8.31 8.46

Gold Rate in Pakistan Today – September 22, 2023

Today Gold Rate in Pakistan
 

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 216,400 on Friday. The price of 10 grams of 24k gold was recorded at Rs185,530.

Likewise, 10 grams of 22k gold were being traded for Rs170,068 while a single tola of 22-karat gold was being sold at Rs198,365.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

Today Gold Price in Pakistan - 22 September 2023

City Gold Silver
Lahore PKR 216,400 PKR 2,616
Karachi PKR 216,400 PKR 2,616
Islamabad PKR 216,400 PKR 2,616
Peshawar PKR 216,400 PKR 2,616
Quetta PKR 216,400 PKR 2,616
Sialkot PKR 216,400 PKR 2,616
Attock PKR 216,400 PKR 2,616
Gujranwala PKR 216,400 PKR 2,616
Jehlum PKR 216,400 PKR 2,616
Multan PKR 216,400 PKR 2,616
Bahawalpur PKR 216,400 PKR 2,616
Gujrat PKR 216,400 PKR 2,616
Nawabshah PKR 216,400 PKR 2,616
Chakwal PKR 216,400 PKR 2,616
Hyderabad PKR 216,400 PKR 2,616
Nowshehra PKR 216,400 PKR 2,616
Sargodha PKR 216,400 PKR 2,616
Faisalabad PKR 216,400 PKR 2,616
Mirpur PKR 216,400 PKR 2,616

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