The US Dollar Pakistani Rupee (USD/PKR) exchange rate has hit a fresh record high of 168.80. The pair is extending gains for a second straight session after rising 0.1% on Tuesday to settle at 168.00.
Inflation in Pakistan, as measured by the Price Sensitive Index, rose -0.96% on the week, and 8.5% annually. The government is attributing this to the rising price of perishables and the steep devaluation of the Rupee.
With risk sentiment fading the US Dollar is in favour. Whilst recent US data has been mixed, US durable goods orders are expected to remain strong.
Investors are waiting anxiously to hear from Jerome Powell for further clues over US monetary policy direction.
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