Pakistan’s textile industry is reeling under the strain of rising cotton prices, which have surged to 18,000 rupees per maund due to the ongoing conflict in the Middle East. According to Khaled Ahmed, chairman of the Karachi Cotton Association, the price of cotton has increased by 1,500 rupees per maund in just 10 days, with global market fluctuations and the suspension of cotton imports contributing to the steep rise.
In a rare phenomenon, the global market has seen a significant increase in gold prices, despite tensions in the Middle East. The price of gold has risen to 4,767 dollars per ounce after falling to 2,463 dollars per ounce earlier. The Strait of Hormuz, which accounts for nearly 20% of global oil exports, has been affected by the rising tensions, putting pressure on oil supplies to Asian countries.
The State Bank of Pakistan has released figures on foreign investment, which show that the country has attracted 427 million dollars in current account surplus as of February. However, the Pakistan Stock Exchange has seen a decline, with the 100 Index closing at 1,49,178 points on Thursday.
The global market has seen a decrease in oil prices, with the price of gold falling to 5,000 dollars per ounce. The government has attributed the decline in oil prices to the suspension of oil supplies from Qatar, which has been affected by the rising tensions in the Middle East.
In a statement, the Ministry of Finance said that it had postponed two cargo shipments for the month, and that oil supplies from Qatar have been completely halted since March 2. The Secretary of Petroleum attributed the decline in oil supplies to the rising tensions in the Middle East.
In a separate development, a senior Iranian official has warned that the ongoing conflict in the Middle East could lead to a catastrophic war. However, a Pakistani military official has said that Pakistan is in a unique position to broker peace in the region, citing the lack of leadership in the Muslim world.
In a surprise move, US President Donald Trump has suspended diplomatic efforts with Iran, citing the need to maintain a strong military posture. The US has also accused Iran of being responsible for the downing of a US drone, which has led to a significant escalation of tensions.
The conflict in the Middle East has also had an impact on Pakistan’s economy, with the rupee depreciating against the US dollar. The government has attributed the decline in the rupee to the rising tensions in the Middle East, which have affected global markets and led to a decline in oil prices.
In a separate development, the Pakistan Stock Exchange has seen a decline, with the 100 Index closing at 1,54,292 points on Thursday. The government has attributed the decline to the rising tensions in the Middle East, which have affected global markets and led to a decline in oil prices.
The global market has seen a significant increase in gold prices, despite tensions in the Middle East. The price of gold has risen to 4,767 dollars per ounce after falling to 2,463 dollars per ounce earlier. The Strait of Hormuz, which accounts for nearly 20% of global oil exports, has been affected by the rising tensions, putting pressure on oil supplies to Asian countries.
The government has attributed the decline in oil prices to the suspension of oil supplies from Qatar, which has been affected by the rising tensions in the Middle East. The Secretary of Petroleum has said that the government is working to diversify oil supplies and mitigate the impact of the decline in oil prices.
The conflict in the Middle East has also had an impact on Pakistan’s relations with other countries. The US has accused Iran of being responsible for the downing of a US drone, which has led to a significant escalation of tensions. Pakistan has attributed the decline in oil prices to the suspension of oil supplies from Qatar, which has been affected by the rising tensions in the Middle East.
In a separate development, a senior Iranian official has warned that the ongoing conflict in the Middle East could lead to a catastrophic war. However, a Pakistani military official has said that Pakistan is in a unique position to broker peace in the region, citing the lack of leadership in the Muslim world.
The global market has seen a significant increase in gold prices, despite tensions in the Middle East. The price of gold has risen to 4,767 dollars per ounce after falling to 2,463
