{"id":101851,"date":"2020-07-10T06:00:57","date_gmt":"2020-07-10T10:00:57","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=101851"},"modified":"2020-07-10T09:25:49","modified_gmt":"2020-07-10T13:25:49","slug":"103592-usd-pkr-rupee-on-track-for-0-8-gains-across-the-week","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103592-usd-pkr-rupee-on-track-for-0-8-gains-across-the-week\/","title":{"rendered":"USD\/PKR: Rupee On Track For 0.8% Gains Across The Week"},"content":{"rendered":"<ul>\n<li><strong>Pakistani Rupee (PKR) advances as inflation records at 8.2%<\/strong><\/li>\n<li><strong>Inflation could advance following petrol price hikes late last month<\/strong><\/li>\n<li><strong>US Dollar (USD) moves higher versus major peers, on safe haven flows, as covid-19 cases jump by 60,000<\/strong><\/li>\n<li><strong>US Producer price index and coronavirus statistics in focus at the end of the week<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Pakistani Rupee (USD\/PKR) exchange rate is falling lower for a third straight session. The pair settled on Thursday -0.1% at 166.95.<\/p>\n<p>At 09:15 UTC, USD\/PKR trades -0.5% at 166.15, this is at the lower end of the daily traded range as the pair continues to fall away from its all time high of 168.45. USD\/PKR is on track the lose -0.8% across the week, snapping a seven-week winning run.<\/p>\n<p>According to the State Bank of Pakistan, inflation as measured by the consumer price index recorded 8.2% growth year on year in May, down slightly from 8.5% increase in April. On a monthly basis inflation increased 0.3%, a vast improvement on last month\u2019s -0.8% decline.<\/p>\n<p>Recently announced petrol price hikes are expected to add more inflationary pressures going forward. Petrol prices increased by more than Rs25 in a single day on 26<sup>th<\/sup> June.<\/p>\n<p>Earlier in the year, in January, Pakistan experienced a 12 year high in inflation at 14.6%, prompting the State Bank of Pakistan to increase interest rates to 13.25%. Since then the central bank has cut interest rates to 7% in an attempt to provide liquidity to struggle businesses during the coronavirus crisis.<\/p>\n<p>The US Dollar is moving higher versus its major peers as investors seek refuge in the safe haven greenback. The number of new daily coronavirus cases has reached a fresh record high jumping by 60,000 in one day. Investors are fearing that surging cases could undermine the fragile economic recovery in the world\u2019s largest economy.<\/p>\n<p>Looking ahead the US session is expected to be relatively quiet, with just factory gate inflation data on the economic calendar. Analysts are expecting PPI to rise an unremarkable 0.1% month on month in June, after falling -0.1% in May. \u00a0US coronavirus statistics are also expected to drive sentiment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pakistani Rupee (PKR) advances as inflation records at 8.2% Inflation could advance following petrol price hikes late last month US Dollar (USD) moves higher versus major peers, on safe haven flows, as covid-19 cases jump by 60,000 US Producer price index and coronavirus statistics in focus at the end of the week The US Dollar [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":83287,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1863,1381],"tags":[1387,1867,1864,1397,1398],"class_list":{"0":"post-101851","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-pkr","8":"category-usd","9":"tag-inflation","10":"tag-pakistani-rupee","11":"tag-pkr","12":"tag-us-dollar","13":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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