Oil prices climbed on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand. Brent crude futures rose 60 cents, or 0.7 per cent, to $91.95 a barrel by 0330 GMT after settling up 0.5pc on Friday. US West Texas Intermediate crude was at $85.50 a barrel, up 39 cents, or 0.5pc. Th
Volatility continued to mar the trading of shares on the Pakistan Stock Exchange on Thursday owing to a lack of positive triggers and rising political temperature, said JS Global. Another reason for the benchmark index to stay range-bound was the ever-widening gap of value between the rupee and the dollar, according to Arif Habib Ltd. The rupee closed at 235.88 per dollar after losing 0.66 per
A rally that has the dollar on course for its best year since 1984 has further to run, traders and analysts say, suggesting more pain almost everywhere else as other currencies either crumble or require rapid rate hikes to stay put. The rise — the dollar is up nearly 15 per cent against a basket of currencies this year — has already been a wrecking ball through foreign exchange markets, crushin
The PKR fell by Rs1.56 against the dollar in the interbank market on Thursday. The local currency closed at Rs235.88 per dollar after depreciating 0.66 per cent. Yesterday, the PKR closed at Rs234.32 per dollar. Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha said there was a “lot of pressure” on the rupee because friendly countries, who had promised to give
The threat of a global recession is growing as central banks focus on bringing down soaring inflation rates, the World Bank warned on Thursday, calling on governments to help boost supply to ease the constraints behind rising prices. Inflation worldwide has been rising at the fastest pace seen in decades, due to supply constraints amid high demand as countries emerged from the pandemic. It has