pakistani rupee bank notes

The Pakistani Rupee is falling versus the US Dollar for the third straight session on Wednesday, as risk sentiment remains fragile amid ongoing fears surrounding the coronavirus outbreak and its impact on the global economy.

At 10:15 UTC, USD/PKR is trading at 158.60 after opening the session at 157.75. It is trading at the upper end of today’s trading range of 156.33 – 158.80.

Pakistani Rupee Under Pressure Despite Import Duty Cuts

The Rupee has been under pressure in recent sessions as investors ditch perceived riskier currencies, such as the Pakistani Rupee, in favour of safe haven currencies. Flows into “safer” currencies are favoured as fears surrounding coronavirus and its potential impact on the global economy escalate.

Sentiment is dominating trade and the Pakistani Rupee fell despite plans being unveiled to remove duties on many raw materials used by exporters. This is a move to make exports more competitive in the region and to help the Pakistani economy advance. The Pakistan economy is seen expanding at 2.4% in the year through to June. This would mark its weakest pace of growth in more than a decade.

US Dollar Dips On Trump’s Silence

The US Dollar is trading higher versus the Pakistani Rupee; however, it is trading broadly lower compared to its other major peers for two reasons.

Firstly, there is growing scepticism about a fiscal stimulus package from Washington to shore up the US economy. Whilst late on Monday Trump had promised a “major” and “very dramatic” economic support package, details have been slow coming through. In fact, the silence from the White House since that initial announcement suggests that there could be delays to such a package.

Secondly, investors are broadly expecting the Federal Reserve to cut interest rate when it meets for its scheduled monetary policy meeting later this month. This would be the second rate cut in March, after the Fed slashed rates by 50 basis points last week in an attempt to shore up the economy ahead of the coronavirus hit which is expected in the coming days and weeks.

US Inflation data is unlikely to attract much attention, given that he data was from before the oil price crash and the coronavirus escalation. 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.