- Pakistan Rupee (PKR) strengthens across the week
- Karachi 30 extends losses
- US Dollar (USD) rises today but set for weekly losses
- US consumer confidence in focus
The US Dollar Pakistan Rupee (USD/PKR) exchange rate is edging lower on Friday for a third straight session. The pair settled -0.03% lower on Thursday at 159.06. At 11:15 UTC, USD/PKR trades -0.1% at 158.9.
The Rupee is strengthening despite domestic equities heading lower. The Karachi 30 benchmark index trended lower across the week, sliding 1.3% on Thursday.
Oil is also edging lower which is offering support to the Rupee. WTI trades -0.8% as concerns over the health of the US economy build. Even so, WTI is still on track to gain over 2% across the week.
The US Dollar is trading lower versus the Rupee. However, the US Dollar is rising versus its major peers. The US Dollar Index which measures the greenback against 6 peers is +0.2% at the time of writing. Even so it is still on track for its first weekly loss in three amid growing doubts over the strength of the US economy.
US jobless claims data yesterday showed that the number of Americans who signed up for unemployment benefits increased by a greater than expected 793,000 last week. Analysts had forecast a rise of 757,000. Additionally, the slight decrease in claims from the week before was revised significantly higher, indiatinbg that he US labour market recovery has stalled.
Earlier in the week Federal Reserve Chair Jerome Powell said that the US labour market remains a long way from where it needs to be whilst committed to keeping interest rates low for longer to support the economy.
Looking ahead US consumer data will be in focus later today. The preliminary figures for February are expected to show a slight increase in morale.