pakistani rupee bank notes

The Pakistani Rupee has dropped sharply lower versus the US Dollar, after five straight sessions of gains. The Pakistani Rupee settled +0.45% higher against the greenback on Wednesday, at 158.82, the strongest close since late March.

At 10:15 UTC, USD/PKR is trading +1% higher at 160.40. This is at the upper end of the daily traded range of 158.82 – 160.63.

FAO Warns Locust Invasion Could Cause Rs600 Billion Loss

The Rupee is under pressure on Thursday after the UN’s Food and Agriculture Organisation (FAO) reported that the whole of Pakistan is under threat of an intense second wave invasion from locusts if the measures to contain it fails. The FAO said that the locust invasion could cause a loss of Rs600 billion to the Pakistan economy.

The Pakistan government is struggling to contain a second invasion of locusts amid the coronavirus crisis, which has also had a devastating impact on the Pakistan economy.  Rural areas have been particularly hard hit by the double emergency.

Pakistan will start easing lockdown restrictions as it cannot afford indefinite closure, according to Prime Minister Imran Khan.

US Initial Jobless Claims In Focus

The US Dollar is pushing higher on Thursday as investors look ahead to the release of initial jobless claims data for the week of 1st May. Analyst are expecting 3 million Americans to have signed up for unemployment benefits that week. This would take the total across the 7-week coronavirus crisis period to 33 million Americans. This equates to around 20% of the US labour force.

Whilst this is down 56% from the top, it is still a very high number given that several US states are reopening their economies. It is worth remembering that the greatest number of initial jobless claims in the financial crisis was 665,000, a number that pales in significance to the eye watering numbers seen each week over the past 7 weeks. A weak number could boost demand for the safe haven US Dollar.

The data comes after the ADP Private payroll report, which revealed that 20.2 million private sector jobs were lost in April. However, this is only half the story. Investors will now look ahead to the Labour department’s non-farm payroll report tomorrow. This will lay bare the devastating impact that the coronavirus lockdown is having on the labour market. 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.