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Putin, Saudi Prince hail ties after oil-supply deal extended

09:09 PM | 30 May, 2017
Putin, Saudi Prince hail ties after oil-supply deal extended
MOSCOW - Russian President Vladimir Putin has met Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman in Moscow. It's the first meeting since the world’s two largest oil producers agreed last week to extend a deal to cut production.

This is very significant and “our coordinated actions helped stabilize the situation on the world hydrocarbons market,” Putin said Tuesday at the Kremlin meeting.

“We’re grateful for your initiative to work together on joint actions between OPEC countries and non-members,” added the Russian President.

Putin said that after a lull in business between the two, this year trade between Russia and Saudi Arabia had grown 130 percent.

The Organization of the Petroleum Exporting Countries (OPEC) and other oil producers lead by Russia, agreed last week to cut oil production until the end of the first quarter of 2018, nine months longer than originally planned.

However, crude prices have been sliding since the deal was reached as investors were disappointed the meeting did not produce deeper cuts.

Oil prices were significantly down on Tuesday, with Brent crude trading nearly a dollar lower at $51.29 per barrel. US West Texas Intermediate (WTI) was down 63 cents at $49.17.

The writer is a staff member. He has been affiliated with Pakistan's leading English newspapers and worked as News Producer at FM 107.4. Death (as...he believes...life is a station, and death is a longest journey from seen to unseen world), Rain, and winter's Full Moon 'Jarray ki Chandani' always fascinate him too much.

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Pakistani rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 4 March 2024

Pakistani rupee remains stable against US dollar in the open market on March 4, 2024 (Monday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.3 for buying and 282.45 for selling.

Euro currently stands at 302.5 for buying and 305.5 for selling while British Pound rate stands at 354 for buying, and 359 for selling.

UAE Dirham AED hovers at 76.3 whereas the Saudi Riyal saw slight increase, with new rates at 74.5.

Today’s currency exchange rates in Pakistan - 4 March 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.3 282.45
Euro EUR 302.5 305.5
UK Pound Sterling GBP 354 359
U.A.E Dirham AED 76.3 77
Saudi Riyal SAR 74.5 75.3
Australian Dollar AUD 181 183
Bahrain Dinar BHD 737.97 745.97
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.23 40.63
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 901.62 910.62
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 168.97 170.97
Norwegians Krone NOK 26.54 26.84
Omani Riyal OMR 725.68 733.68
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.13 27.43
Swiss Franc CHF 314.07 316.57
Thai Bhat THB 7.74 7.89

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