The PKR managed a significant increase of 16 paisa against the USD, closing the session at a rate of 279.1191 PKR per USD. This minor adjustment followed a previous close of 279.2764 PKR per USD, taking the Pakistani Rupee towards upward trajectory.
PKR INTERBANK EXCHANGE RATES ON FEBRUARY 28, 2024
| Country Name | Symbol | Rate |
|---|---|---|
| United States | USD | 279.1191 |
| Eurozone | EUR | 302.1185 |
| United Kingdom | GBP | 353.3090 |
| Japan | JPY | 1.8511 |
| United Arab Emirates | AED | 75.9921 |
| Saudi Arabia | SAR | 74.4248 |
| Australia | AUD | 181.6647 |
| Canada | CAD | 205.8932 |
MARKET TALKS
In the dynamic world of the global oil market, West Texas Intermediate (WTI) oil prices have recently experienced a decline following a brief period of gains, highlighting the market’s vulnerability to various global factors, both economic and geopolitical. Rising borrowing costs are impacting global economic growth expectations and, consequently, oil demand, as higher financing costs lead to widespread belt-tightening among businesses and consumers. Geopolitically, the oil market remains sensitive to tensions, such as the ceasefire discussions between Israel and Hamas and actions by Iran-backed Houthis, adding layers of uncertainty. On the strategic front, OPEC+ considers extending oil output cuts to balance the market, while Russia’s export ban on gasoline aims at stabilizing prices. Amid these complexities, trading insights and analysts’ opinions on oil prices show a blend of short and long positions, underscoring the nuanced interplay of technical analysis, market sentiment, and external influences shaping the future of oil.
GOLD DROPS 1,100 PER TOLA ON WEDNESDAY IN PAKISTAN: TECHNICAL ANALYSIS
