• Pakistani Rupee (PKR) falls as investors mull over IMF GDP downward revision
  • Rising covid-19 cases in Pakistan drag on demand for PKR
  • US Dollar (USD) investors look ahead to personal income and expenditure data and consumer confidence figures.
  • US Dollar Pakistani Rupee exchange rate (US/PKR) extends gains for 6th consecutive week

The Pakistani Rupee continue to trade around its 3 month low on Friday, after falling -1.5% versus the US Dollar across the week.

At 09:15 UTC, USD/PKR trades + 0.5% at 167.60. This is towards the upper end of the daily traded range of 166.75 – 167.95.

The Rupee is under pressure and Pakistan equities are out of favour as investors continue to mull over a downgrade to Pakistan’s growth projections by the International Monetary Fund (IMF). Earlier in the week the IMF lowered its growth forecast to 1%, down from 2% for fiscal year 2020-21.

Dampening the mood further for the Rupee is the rising number of coronavirus cases and concerns over the damage that this will inflict on the Pakistan economy. Daily new coronavirus cases in Pakistan increased +4,044, taking the total number of infections to 196,000. The death toll increased by 148 to 3,962.

The US Dollar is trading lower versus its major peers despite concerns over surging coronavirus cases in the US. Daily new infections rose by 40,000 in the US on Thursday, the biggest one day rise of the pandemic. The increase comes as many states are easing lockdown restrictions, raising fears that lockdown will need to be re-imposed to bring the coronavirus spread under control.

The governor of Texas has temporarily halted the state’s reopening as infections and hospitalisations surge.

Investors will now look ahead to the release of personal income and spending data and consumer confidence figures later today. Personal spending is expected to follow retail sales higher, rebounding +9% after -13.6% in April.

Meanwhile, consumer confidence is also expected to nudge higher. This is important because consumers who are confident about their personal finances and job prospects will spend more, boosting the economy. 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.