Business
Rupee inches upward against USD in Morning Trade – SUCH TV
The Pakistani rupee (PKR) showed a slight improvement against the US dollar (USD) on Monday, gaining 0.07 percent in the opening hours of trading in the inter-bank market. In the morning, the PKR was hovering at 280.43, up by 19 paisa against the greenback.
The slight gain came as international markets remained cautious. The USD traded steadily, while intervention concerns weighed on the Japanese yen. In Asia, a holiday in Tokyo led to lighter trade and the yen drifted lower to 156.71 per dollar in early trading.
Japan’s currency has been under pressure due to low interest rates and loose fiscal policies, although it rebounded from ten-month lows last week after Finance Minister Satsuki Katayama issued verbal warnings of potential official yen buying.
Traders expect intervention could occur between 158 and 162 yen per dollar, with the thinner trading ahead of Thanksgiving providing a possible window for action.
NBP releases foreign exchange rates for today
Domestically, the National Bank of Pakistan’s treasury management division issued its routine forex rates to guide market participants. The USD was set at Rs280.50 for buying and Rs281.00 for selling. The euro traded slightly higher at Rs323.12 to buy and Rs323.69 to sell, while the British pound was available at Rs367.51 to buy and Rs368.17 to sell. The Japanese yen was valued at Rs1.7911 to buy and Rs1.7942 to sell, with other major currencies including the Swiss franc, Canadian dollar, Australian dollar, New Zealand dollar, and Chinese yuan showing minor variations in their rates.
Previous PKR closing
On Friday, the rupee had gained 2.89 paisa against the US dollar, closing the interbank session at Rs280.62, slightly stronger than the previous close of Rs280.65.
The currency touched an intraday high of 280.8 and a low of 281.65 during the session. In the current fiscal year, the Pakistani rupee has strengthened against the US dollar by Rs3.14, or 1.12 percent, though it has weakened by Rs2.07, or 0.74 percent, so far this calendar year.
Sign at the main entrance to a Best Buy store in Venice, Florida.
Erik McGregor | Lightrocket | Getty Images
Best Buy posted mixed results on Tuesday as the retailer’s holiday-quarter sales declined and missed Wall Street’s expectations, but its earnings topped estimates as it showed improved profitability.
For the current fiscal year, the consumer electronics retailer expects revenue to range between $41.2 billion and $42.1 billion, compared with $41.69 billion in the most recent fiscal year. It expects adjusted earnings per share to range from $6.30 to $6.60, after it reported adjusted earnings per share of $6.43 for the previous fiscal year.
Best Buy anticipates that comparable sales, a metric that tracks sales online and in stores open at least 14 months, will range from a decline of 1% to an increase of 1%.
In a news release, CEO Corie Barry said demand for consumer electronics remained lackluster during the gift-giving season, but the company’s internal data indicates that Best Buy’s market share in the industry “was at least flat.”
Chief Financial Officer Matt Bilunas said in his own statement that the company is “excited about the momentum in our business.” But he added that company leaders “expect to continue to navigate a mixed macro environment.”
Shares jumped more than 10% in premarket trading.
Here’s how the retailer did for the fiscal fourth quarter compared with what Wall Street was expecting, according to a survey of analysts by LSEG:
- Earnings per share: $2.61 adjusted vs. $2.47 expected
- Revenue: $13.81 billion vs. $13.88 billion expected
In the three-month period that ended Jan. 31, Best Buy’s net income jumped to $541 million, or $2.56 per share, from $117 million, or 54 cents per share, in the year-ago quarter. Excluding one-time expenses, including charges for its health business, Best Buy reported adjusted earnings per share of $2.61.
Revenue decreased from $13.95 billion in the year-ago quarter. Yet on an annual basis, revenue rose to $41.69 billion from $41.53 billion in the prior fiscal year. Best Buy’s annual revenue declined in the three previous fiscal years.
For about four years, Best Buy has pinned its slower sales on more price-sensitive U.S. consumers, a slower housing market and less tech innovation. All of those factors have caused some shoppers to delay tech purchases, particularly big-ticket items like new refrigerators. Higher tariffs have also added costs for Best Buy, since many consumer electronics are imported.
Comparable sales dropped 0.8% in the fourth quarter as the company saw softer sales of appliances and home theaters. Those declines were partially offset by sales growth in computing and mobile phones, the company said.
Best Buy has leaned into more profitable businesses, including selling ads and offering more merchandise through its third-party marketplace, which launched in August. Barry said in the company’s news release that Best Buy’s advertising partners nearly doubled compared to the prior year and she said the retailer has significantly increased the number of available products on the marketplace.
The company has a scheduled earnings call at 9 a.m. ET.
Last Updated:
Wall Street futures fell up to 2% Tuesday amid West Asia tensions and rising oil prices. Asian markets also declined, with Japan down 3.06% and South Korea’s KOSPI down 7.24%.
Wall Street Futures Sink as Oil Rally Clouds Rate Outlook
Wall Street futures tumbled up to 2 per cent on Tuesday morning, pointing to a weak start for US markets as rising tensions in West Asia unsettled global investors. The spike in crude oil prices has renewed concerns over inflation at a time when markets were hoping for stability in interest rates. The risk-off mood was visible across equity futures, with traders cutting exposure to technology and broader market indices.
E-mini Nasdaq-100 Futures dropped more than 2 percent to 24,519.50 USD, down 505.75 points from the previous close of 25,025.25. The contract touched a low of 24,370.00 after opening at 25,002.75, indicating sharp early selling pressure. Volumes remained elevated at over 1.63 lakh contracts, suggesting active repositioning by investors amid heightened volatility.
Meanwhile, E-mini S&P 500 Futures declined 1.48 percent, or 102 points, to 6,786.25 USD. The index futures slipped from a previous close of 6,888.25 and hit an intraday low of 6,742.75.
Asian markets witnessed sharp selling pressure on Tuesday as escalating tensions in West Asia and rising oil prices rattled investor sentiment across the region.
Oil Futures Spike
Crude oil prices surged sharply, with Crude Oil rising by 4.777 dollars, or 6.71 percent, to trade at 76.007 dollars per barrel.
Meanwhile, Brent crude jumped 5.482 dollars, or 7.05 percent, to 83.222 dollars per barrel, reflecting strong upward momentum in global energy markets.
Asian Markets Bleed
Japan’s benchmark index plunged 3.06 percent to close at 56,279.05, down 1,778.19 points from the previous close of 58,057.24. The index opened at 57,729.80 and slid to an intraday low of 56,091.54, reflecting broad-based weakness.
Meanwhile, South Korea’s KOSPI saw an even steeper decline, tumbling 7.24 percent to 5,791.91. The index opened at 6,165.15 and dropped to a low of 5,791.65, marking one of its sharpest single-day falls in recent months.
Early signals for Indian markets remained weak, with GIFT Nifty (earlier known as SGX Nifty) pointing to a sharp gap-down opening. As of 5:52 PM IST on March 3, the index was trading at 24,461.0, down 531.5 points or 2.13 percent.
The contract opened at 25,375.0 but quickly came under pressure, slipping to a low of 24,247.0 during the session. The steep decline mirrors the broader global sell-off triggered by rising tensions in West Asia and a spike in crude oil prices, which have heightened concerns over inflation and foreign fund outflows in emerging markets like India.
Click here to add News18 as your preferred news source on Google.
Follow News18 on Google. Join the fun, play games on News18. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. To Get in-depth analysis, expert opinions, and real-time updates. Also Download the News18 App to stay updated.
March 03, 2026, 17:58 IST
Read More
Last Updated:
The Indian government has over 50 days of crude oil stocks and is in a ‘comfortable position’. They remain cautiously optimistic about diversification.
Crude Oil
US-Iran War: The Indian government has confirmed that the country has over 50 days of crude oil stocks and is in a ‘comfortable position’, according to a Moneycontrol report.
The MC report added that the government continues to be cautiously optimistic that it is capable of taking domestic steps and diversifying as the need arises.
The government’s comment plays down any concern arising over India’s energy security in crude oil amid the rising tension in the Middle East and complete closure of the Strait of Hormuz.
Global crude shipments moving through the Strait of Hormuz have nearly ground to a halt, disrupting close to 86% of the usual east–west oil traffic and rattling energy markets worldwide.
According to maritime intelligence firms Windward and Kpler, the strategic chokepoint remains technically open, but vessel movement has slowed to a fraction of normal levels. On March 1, just three oil tankers transporting a combined 2.8 million barrels transited the strait — a steep 86% drop compared to the 2026 daily average of 19.8 million barrels.
By early March 2, activity had thinned further, with only one small tanker and a single cargo vessel recorded moving through the primary shipping lanes, underscoring the scale of the disruption.
Brent curde oil futures were also trading over USD 80 per barrel for the past two days, with anticipation to rise in three digit soon.
India is highly dependent on other countries for its crude oil requirements, with imports accounting for around 88–90 per cent of total demand. In 2024, India surpassed China as the world’s largest oil demand driver, driven by rising fuel consumption, particularly in transportation.
So, what happens if there is a large-scale disruption in crude oil supply? Is India prepared to handle such a situation, and for how long?
India has a dedicated special purpose vehicle called Indian Strategic Petroleum Reserves Limited (ISPRL), which is responsible for maintaining petroleum reserves for such emergencies.
The Government of India decided to establish 5 million metric tonnes (MMT) of strategic crude oil storage across three locations.
ISPRL functions under the Ministry of Petroleum and Natural Gas, and the project was executed by Engineers India Limited (EIL). The strategic reserves are situated in Visakhapatnam, Mangalore, and Padur (near Udupi).
These crude oil storages are built in underground rock caverns along both the eastern and western coasts of India. Crude oil from these caverns can be supplied to Indian refineries through pipelines or a combination of pipelines and coastal transport.
Underground rock caverns are considered one of the safest methods for storing hydrocarbons.
Click here to add News18 as your preferred news source on Google.
Follow News18 on Google. Join the fun, play games on News18. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. To Get in-depth analysis, expert opinions, and real-time updates. Also Download the News18 App to stay updated.
March 03, 2026, 16:14 IST
Read More
ICE cotton drops 1% on Middle East war, stronger US dollar
Apple’s New MacBook Air and MacBook Pro Have New Chips, More Storage, and Higher Prices
Preview of UFC 326: Holloway vs. Oliveira
-
Politics5 days agoWhat are Iran’s ballistic missile capabilities?
-
Business7 days agoHouseholds set for lower energy bills amid price cap shake-up
-
Sports1 week agoTop 50 USMNT players of 2026, ranked by club form: USMNT Player Performance Index returns
-
Politics5 days agoUS arrests ex-Air Force pilot for ‘training’ Chinese military
-
Sports5 days agoSri Lanka’s Shanaka says constant criticism has affected players’ mental health
-
Business7 days agoLucid widely misses earnings expectations, forecasts continued EV growth in 2026
-
Fashion6 days agoNew Zealand’s apparel imports steady at $1.2 bn in 2025
-
Business5 days agoAttock Cement’s acquisition approved | The Express Tribune