July 2024 Edition
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July 2024 Current Affairs MCQs & Solutions
Top national & international current affairs questions for CSS, PMS, FPSC, PPSC, and NTS screening tests.
#1741
What was the primary geopolitical driver for the decline in oil prices on July 27, 2026?
(a) Increased production from OPEC nations
(b) De-escalation of military strikes between the US and Iran
(c) Global economic recession fears
(d) Strategic petroleum reserve releases
Explanation: The tumble in oil prices was directly attributed to the pause in military strikes between the United States and Iran. Other factors like OPEC production or recession fears were not cited as the immediate cause for the price drop on this date. [Source: https://www.brecorder.com/news/40432022/dow-sampp-500-rise-as-oil-prices-tumble, 27 Jul 2026]
#1742
On July 27, 2026, what was the primary factor cited for the expected rise in Indian equity markets?
(a) A sharp decline in global oil prices
(b) An unexpected interest rate cut by the Reserve Bank of India
(c) A surge in foreign direct investment inflows
(d) None of these
Explanation: The market recovery was driven by a 4.6% drop in Brent crude prices following a pause in strikes between the United States and Iran. Lower oil prices are beneficial for India as it is a major importer of the commodity. [Source: https://www.brecorder.com/news/40431956/indian-shares-set-to-open-higher-breaking-losing-run-as-oil-slides, 27 Jul 2026]
#1743
Following the de-escalation of tensions between the United States and Iran, the Indian rupee reached a high of what duration on July 27, 2026?
(a) One-week high
(b) One-month high
(c) Three-week high
(d) Two-week high
Explanation: The Indian rupee hit a two-week high on July 27, 2026, supported by lower oil prices and restored foreign investor flows. Other durations are incorrect based on the market report. [Source: https://www.brecorder.com/news/40431999/indian-shares-snap-losing-run-on-oil-slide-earnings-optimism, 27 Jul 2026]
#1744
Which of the following statements regarding the market performance on July 27, 2026, is INCORRECT?
(a) The Pakistani Rupee appreciated against the Euro in the open market.
(b) The US Dollar weakened against major peers like the Yen and the Euro.
(c) The Pakistani Rupee gained marginally against the US Dollar in the inter-bank market.
(d) Brent crude futures experienced a decline in price.
Explanation: In the open market, the Pakistani Rupee actually lost value against the Euro, closing at 319.79 for buying and 322.67 for selling. Therefore, the statement claiming appreciation is false. [Source: https://www.brecorder.com/news/40431965/pakistani-rupee-registers-gain-against-us-dollar, 27 Jul 2026]
#1745
Consider the following statements about the economic indicators on July 27, 2026: 1. The Pakistani Rupee recorded a gain of Re0.01 against the US Dollar in the inter-bank market. 2. The State Bank of Pakistan increased the policy rate to 12.5%. 3. Brent crude futures fell by approximately 6% during the session. Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) All three
Explanation: Statement 1 is correct as the Rupee gained Re0.01. Statement 2 is incorrect because the policy rate was maintained at 11.5%, not increased. Statement 3 is correct as Brent crude fell by about 6% to $90.93. [Source: https://www.brecorder.com/news/40431965/pakistani-rupee-registers-gain-against-us-dollar, 27 Jul 2026]
#1746
On July 27, 2026, the benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange closed at:
(a) 4,250 ringgit
(b) 4,673 ringgit
(c) 4,890 ringgit
(d) None of these
Explanation: The benchmark palm oil contract for October delivery fell by 49 ringgit to close at 4,673 ringgit per metric ton on July 27, 2026. This decline followed a period where the commodity had reached a 15-week high. [Source: https://www.brecorder.com/news/40432000/palm-slips-more-than-1-on-weaker-crude-chinese-vegetable-oils, 27 Jul 2026]
#1747
Consider the following statements about the Indian bond market and economic indicators as of July 27, 2026: 1. The 10-year Treasury yield eased to 4.64%. 2. The most liquid five-year swap rate dropped to settle at 6.36%. 3. Analysts at Capital Economics identified strong monsoon rainfall as a primary driver for economic growth. Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) All three
Explanation: Statements 1 and 2 are factually correct based on the market data provided. Statement 3 is incorrect because analysts identified weak, not strong, monsoon rainfall as a potential inflation risk. [Source: https://www.brecorder.com/news/40432016/india-10-year-bond-yield-logs-biggest-plunge-in-2-months-as-oil-rally-falters, 27 Jul 2026]
#1748
Which factor was primarily responsible for the sharp decline in Indian bond yields on July 27, 2026?
(a) A surge in monsoon rainfall
(b) A sudden increase in the current-account deficit
(c) An immediate hike in Federal Reserve rates
(d) A decline in crude oil prices
Explanation: The decline in bond yields was driven by a sharp drop in crude oil prices following a pause in US-Iran hostilities. Higher oil prices typically increase inflationary pressure and worsen the current-account balance, which would otherwise push yields higher. [Source: https://www.brecorder.com/news/40432016/india-10-year-bond-yield-logs-biggest-plunge-in-2-months-as-oil-rally-falters, 27 Jul 2026]
#1749
The decline in palm oil prices on July 27, 2026, was primarily attributed to a heavy decline in which of the following?
(a) Gold reserves
(b) Energy futures
(c) Textile exports
(d) Interest rates
Explanation: Palm oil prices are closely linked to energy futures because palm oil is used as a feedstock for biodiesel. A drop in crude oil prices makes palm oil less competitive as a fuel alternative, leading to a decline in its market value. [Source: https://www.brecorder.com/news/40432000/palm-slips-more-than-1-on-weaker-crude-chinese-vegetable-oils, 27 Jul 2026]
#1750
Consider the following statements about the global vegetable oil market as of July 27, 2026: 1. Palm oil prices are influenced by the price movements of rival edible oils. 2. The strengthening of the currency of trade generally makes a commodity more expensive for foreign buyers. 3. Geopolitical de-escalation in the Strait of Hormuz contributed to a rise in crude oil prices. Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) All three
Explanation: Statement 1 is correct as palm oil competes in the global market with other oils. Statement 2 is correct as a stronger currency increases the cost for buyers using foreign currency. Statement 3 is incorrect because the de-escalation in the Strait of Hormuz led to a decline in crude oil prices, not a rise. [Source: https://www.brecorder.com/news/40432000/palm-slips-more-than-1-on-weaker-crude-chinese-vegetable-oils, 27 Jul 2026]
#1751
Which of the following statements regarding the oil market situation on July 27, 2026, is INCORRECT?
(a) Brent crude futures fell by approximately 6 percent.
(b) US West Texas Intermediate crude fell to as low as 8 percent earlier in the day.
(c) Saudi Arabia's air defences intercepted drones launched from Iraq.
(d) A signed diplomatic framework was established between the US and Iran to guarantee oil flow.
Explanation: Market analysts explicitly stated that there is no signed framework, no verification mechanism, and no agreed timeline for the pause in hostilities. Options A, B, and D are factually accurate descriptions of the events reported on that date. [Source: https://www.dawn.com/news/2018729/oil-prices-near-one-week-low-after-us-iran-pause-fighting-over-weekend, 27 Jul 2026]
#1752
According to shipping data from Kpler, oil flows through the Strait of Hormuz during the weekend of July 27, 2026, fell to what percentage of pre-war levels?
(a) 5 percent
(b) 25 percent
(c) 15 percent
(d) 35 percent
Explanation: Shipping data indicated that flows through the Strait of Hormuz dropped to approximately 15 percent of pre-war levels. This reduction reflects the severe impact of regional military tensions on maritime energy transit. [Source: https://www.dawn.com/news/2018729/oil-prices-near-one-week-low-after-us-iran-pause-fighting-over-weekend, 27 Jul 2026]
#1753
Consider the following statements about the energy security situation on July 27, 2026: 1. The conflict has caused oil shipments to be diverted away from the Red Sea. 2. Houthi forces targeted supply sites linking eastern Saudi Arabia to the city of Yanbu. 3. The Caspian Pipeline Consortium terminal in the Black Sea remained closed indefinitely as of July 27, 2026. Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) All three
Explanation: Statements 1 and 2 are correct as they reflect the impact on Red Sea shipping and the specific targets of Houthi attacks. Statement 3 is incorrect because the energy ministry reported that the Caspian Pipeline Consortium terminal had resumed oil loadings. [Source: https://www.dawn.com/news/2018729/oil-prices-near-one-week-low-after-us-iran-pause-fighting-over-weekend, 27 Jul 2026]
#1754
Which of the following statements regarding the impact of the July 2026 oil price decline on the US economy is INCORRECT?
(a) It guarantees an immediate interest rate cut by the Federal Reserve.
(b) It provides the Federal Reserve with greater policy flexibility.
(c) It is expected to ease inflationary pressures.
(d) It follows a period where Brent crude had surged to $102 per barrel.
Explanation: While the decline in oil prices provides policy flexibility, it does not guarantee an interest rate cut, as market expectations were leaning toward a status quo or a future hike. The other statements accurately reflect the economic context described. [Source: https://www.brecorder.com/news/40431972/indian-bonds-rebound-as-easing-middle-east-tensions-drag-oil-lower, 27 Jul 2026]
#1755
Consider the following statements about the market reaction on July 27, 2026: 1. Indian government bonds experienced a surge in yields due to rising oil prices. 2. The 10-year US Treasury yield eased to 4.64%. 3. Market participants assigned a 66% probability of a status quo in the upcoming Federal Reserve interest rate decision. Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) All three
Explanation: Statement 1 is incorrect because Indian bond yields fell (rebounded) as oil prices decreased, not increased. Statements 2 and 3 are factually accurate according to the market data provided for the specified date. [Source: https://www.brecorder.com/news/40431972/indian-bonds-rebound-as-easing-middle-east-tensions-drag-oil-lower, 27 Jul 2026]
#1756
What was the primary reason for the recent decline in Brent crude oil prices as of July 27, 2026?
(a) A global surplus in oil production
(b) A tentative truce between the US and Iran
(c) A significant drop in global industrial demand
(d) None of these
Explanation: Brent crude fell by more than 4% due to a tentative truce between the US and Iran, which halted a series of retaliatory attacks. This de-escalation reduced the geopolitical risk premium that had previously pushed oil prices above $100 per barrel. [Source: https://www.brecorder.com/news/40431973/copper-gains-on-mideast-de-escalation-oil-price-drop, 27 Jul 2026]
#1757
The primary surplus achieved by Pakistan during the period of July 2025 to April 2026 was:
(a) 3.5 percent of GDP
(b) 3.0 percent of GDP
(c) 2.5 percent of GDP
(d) 4.0 percent of GDP
Explanation: Effective expenditure management and revenue mobilization efforts enabled the government to achieve a primary surplus of 3.5 percent of GDP during the Jul-Apr period of the 2026 fiscal year. [Source: https://www.dawn.com/news/2011978/govt-expects-easing-inflationary-pressure-in-new-fiscal-year-following-reopening-of-strait-of-hormuz, 30 Jun 2026]
#1758
According to the Ministry of Finance, the current account recorded a surplus of how much during the period of July 2025 to May 2026?
(a) 155 million dollars
(b) 255 million dollars
(c) 355 million dollars
(d) None of these
Explanation: The external sector remained stable, with the current account recording a surplus of 255 million dollars during the Jul-May period of the 2026 fiscal year, supported by remittances and IT exports. [Source: https://www.dawn.com/news/2011978/govt-expects-easing-inflationary-pressure-in-new-fiscal-year-following-reopening-of-strait-of-hormuz, 30 Jun 2026]
#1759
Which of the following statements regarding the oil market situation as of July 17, 2026, is INCORRECT?
(a) Brent crude futures experienced a rise of approximately 0.08 percent.
(b) The Red Sea has already been officially closed to all commercial shipping traffic.
(c) The US launched two major waves of air strikes in a single day on Wednesday.
(d) US West Texas Intermediate futures gained 16 cents per barrel.
Explanation: The Red Sea has not been closed; rather, there is a 'potential threat' of closure. Options A, B, and C are all factually accurate details reported on July 17, 2026. [Source: https://www.dawn.com/news/2016168/oil-rises-on-intensifying-us-iran-hostilities-threat-of-red-sea-closure, 17 Jul 2026]
#1760
What was the approximate price level of Brent crude per barrel in Asian trade on July 27, 2026, following the reported decline?
(a) Below $85
(b) Above $102
(c) Exactly $98
(d) Below $93
Explanation: Brent crude prices fell to below $93 per barrel after the US and Iran paused strikes. The $102 figure refers to the peak price reached during the previous week of heightened tensions. [Source: https://www.brecorder.com/news/40431972/indian-bonds-rebound-as-easing-middle-east-tensions-drag-oil-lower, 27 Jul 2026]