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Oil stays above $46 as market ponders output freeze calls

12:31 PM | 17 Aug, 2016
Oil stays above $46 as market ponders output freeze calls
SINGAPORE (APP) - Oil prices fell in Asia Wednesday as investors booked profits from recent gains, but stayed above $46 on hopes producers would decide to freeze output at a meeting next month.

Prices closed at five-week highs overnight, bolstered by a weaker dollar and after remarks by OPEC kingpin Saudi Arabia and non-OPEC rival Russia on cooperation to stabilise prices, which could include an output freeze.

US crude climbed 1.8 percent to settle at $46.48 a barrel in New York and Brent also advanced 1.8 percent to close at 49.23 in London on Tuesday. Both contracts were down in Asian trade on Wednesday as investors booked some profits, but analysts said the decline was tempered by buying in anticipation that prices would still go higher. "Yes, there is an element of profit taking initially.

However, it looks as though... Asian traders have used that profit taking move down to add to long positions," said Jeffrey Halley, senior market analyst at OANDA.

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

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Currency Rates in Pakistan - Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 24 Feb 2024

Pakistani currency remains largely stable against US dollar and other currencies in the open market on February 24, 2024.

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

On Saturday, Euro stands at 302  for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 24 February 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
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 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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