pakistani rupee bank notes

Risk off sentiment is dragging the Pakistani Rupee lower versus the US Dollar on Friday. The Pakistani Rupee is trading at 154.42 at 10:45 UTC, up from the opening price of 154.24 as coronavirus fears continue to pummel risk appetite across the financial markets.

Pakistani Rupee Out Of Favour In Risk Off Trading

Investors are unable to shake off growing fears over the economic impact that coronavirus will have on the global economies. Stock markets across the globe are plummeting as investors look to move out of riskier assets such as stocks and emerging market currencies such as the Pakistani Rupee and move into traditionally viewed safe haven assets.

The number of people infected worldwide is closing in on 100,000, whilst the death toll sits at 3,385. The number of cases in Europe and South Korea continue to rise sharply and organisations are telling staff to work from home. Fears are growing that this will turn into a pandemic as medical adviser warn that a vaccine could take around 18 months.

The Karachi Stock Exchange is trading 2.8% lower paring yesterday’s 1.2% gains

Dollar Dives vs Major Peers Ahead of Jobs Report

Whilst the US Dollar is trading higher versus the Pakistani Rupee, it is trading sharply lower versus its major peers. Investors pricing in deeper interest rate cuts by the Federal Reserve. The US central bank cut rates by 50 basis points on Monday. However, that hasn’t stemmed the panic in the financial markets. The US stock market plunged a further 3.3% on Thursday and the futures are pointing to additional 2.5% losses when it opens again.

Expectations are rising that the Federal Reserve will cut interest rates further, which they still have space to do.

Later today ids the US non-farm payroll release. This is the most closely watched US macro data release of the month. Analysts are expecting 175,000 jobs to have been created in February. This would be a solid reading, even if down from January’s impressive 225,000. The unemployment rate is expected to remain at 3.6% and hourly earnings to increase at 0.3%. Any sign of coronavirus impacting companies’ hiring decisions in the US could panic the markets further. is a news site only and not a currency trading platform. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.