{"id":105722,"date":"2020-10-09T11:24:42","date_gmt":"2020-10-09T10:24:42","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=105722"},"modified":"2020-10-09T11:35:24","modified_gmt":"2020-10-09T10:35:24","slug":"104503-usd-pkr-rupee-slips-but-heads-for-weekly-gains","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/104503-usd-pkr-rupee-slips-but-heads-for-weekly-gains\/","title":{"rendered":"USD\/PKR: Rupee Slips But Heads For Weekly Gains"},"content":{"rendered":"<ul>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/pkr-pakistani-rupee-live-exchange-rate\/\">Pakistani Rupee<\/a> (PKR) trades lower despite a risk on market mood<\/strong><\/li>\n<li><strong>SBP records -1.7% decline in foreign currency reserves<\/strong><\/li>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-us-dollar-live-exchange-rate\/\">US Dollar<\/a> (USD) falls as hopes of US stimulus grow<\/strong><\/li>\n<li><strong>Stalling recovery in US labour market highlights the need for additional stimulus<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Pakistani Rupee (<a href=\"https:\/\/currencylive.com\/exchange-rate\/\">USD\/PKR<\/a>) exchange rate is advancing on Friday after a flat finish in the previous session. The pair settled at 163.40 on Thursday. At 09:15 UTC, USD\/PKR trades +0.2% at 163.75. Across the week the pair is set to lose -0.5% adding to losses of -0.85% the previous week.<\/p>\n<p>According to the State Bank of Pakistan, foreign exchange reserves held by the central bank declined by -1.7% on a weekly basis. As of October 2, foreign currency reserves held by the SBP were $12154.7 million. This was down $205 million compared to the previous week\u2019s $12,359.7 million.<\/p>\n<p>Meanwhile, the state bank has also launched an incentive and penalty mechanism to encourage banks to increase lending for housing and construction. The central bank continues to adopt policies to enhances flows of financing towards the sector, a sector which is considered vital for economic growth.<\/p>\n<p>Whilst the US Dollar is advancing against the Pakistan Rupee, it is falling versus its major peers as risk sentiment surges. President Trump performed a U-turn over fiscal stimulus. The President said in an interview that talks were going ahead for a stimulus package despite tweeting earlier in the week that he was postponing fiscal stimulus talks until after the election. According to House Speaker Nancy Pelosi negotiations are going well.<\/p>\n<p>The prospect of large-scale stimulus is boosting risk sentiment. Investors are buying into riskier assets and currencies whilst shunning the safe haven US Dollar.<\/p>\n<p>The news comes after yesterday\u2019s US jobless claims showed that 840,000 Americans signed up for unemployment benefit. This was only 9000 less than the previous week and 20,000 higher than forecast. The data points to the US labour market recovery stalling. According to the Federal Reserve Chair Jerome Powell more fiscal stimulus is needed to enable the economic recovery to continue.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pakistani Rupee (PKR) trades lower despite a risk on market mood SBP records -1.7% decline in foreign currency reserves US Dollar (USD) falls as hopes of US stimulus grow Stalling recovery in US labour market highlights the need for additional stimulus The US Dollar Pakistani Rupee (USD\/PKR) exchange rate is advancing on Friday after a [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":82921,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1863,1381],"tags":[2613,2597,1864,2662,1397,1398],"class_list":{"0":"post-105722","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-pkr","8":"category-usd","9":"tag-foreign-exchange-reserves","10":"tag-pakistan-rupee","11":"tag-pkr","12":"tag-sbp","13":"tag-us-dollar","14":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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