{"id":97113,"date":"2020-03-05T06:04:42","date_gmt":"2020-03-05T11:04:42","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=97113"},"modified":"2020-03-05T09:46:05","modified_gmt":"2020-03-05T14:46:05","slug":"102596-usd-pkr-pakistani-rupee-drops-as-coronavirus-slows-chinese-investment-projects","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102596-usd-pkr-pakistani-rupee-drops-as-coronavirus-slows-chinese-investment-projects\/","title":{"rendered":"USD\/PKR: Pakistani Rupee Drops As Coronavirus Slows Chinese Investment Projects"},"content":{"rendered":"<p>The <a href=\"http:\/\/currencylive.com\/news\/currency\/pkr\">Pakistani Rupee<\/a> is drifting lower versus the <a href=\"http:\/\/currencylive.com\/news\/currency\/usd\">US dollar<\/a> for a second straight day on Thursday, as weaker risk sentiment hit perceived riskier assets across the board.<\/p>\n<p>After opening the session at 154.22 versus the US Dollar, the Rupee (<a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-to-pkr-exchange-rate-today\/\">USD\/PKR<\/a>) weakened on the open market to 154.30 against the greenback. This is at the upper end of the daily range of 154.18 \u2013 154.32.<\/p>\n<h2>Disruption to China\u2019s Belt Road Initiative<\/h2>\n<p>The Pakistani rupee is under pressure amid growing concerns over the impact of coronavirus on the global economy. China linked infrastructure projects in Asia are being affected, mainly due to travel restrictions on Chinese workers.<\/p>\n<p>The deadly virus is causing disruptions to China\u2019s construction and investment plans overseas including corporate expansion projects spanning power and construction in Pakistan and China\u2019s Belt and Road Initiative (BRI). Analysts highlighted the China \u2013 Pakistan Economic Corridor (CPEC) as an area which will experience a slowdown. \u00a0This is bad news for the Pakistan economy which relies heavily on China.<\/p>\n<h2>US Dollar Under Pressure Amid Further Rate Cut Speculation<\/h2>\n<p>Whilst the US Dollar is strengthening versus the Pakistani Rupee, it is weakening versus it&#8217;s major peers. The sell off in the dollar comes as investors start to price in additional rate cuts by the Federal Reserve.<\/p>\n<p>The Federal Reserve cut interest rates on Monday, by 50 basis points in at bid to support the US economy as it faces a slowdown from the coronavirus outbreak. With a state of emergency declared in California and the number of cases rising, investors are starting to think that the 0.5% cut will not be enough.<\/p>\n<p>The US rates sit at 1.00-1.25% this technically still leaves plenty of room for further cuts in the coming weeks or months should it be deemed necessary. This will depend largely on what the data is saying.<\/p>\n<p>In the previous session US service sector PMI data was strong and ADP private payroll numbers also beat expectation. The figures eased fears over a recession in the US. Today investors will be looking closely at mid-tier figures \u2013 US jobless claims and US factory orders, ahead of tomorrow\u2019s all important non-farm payroll numbers.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<h6><em>Currencylive.com<\/em><em> is a news site only and not a currency trading platform.<\/em><\/h6>\n<h6><em>Currencylive.com is a site operated by TransferWise Inc. (&#8220;We&#8221;, &#8220;Us&#8221;), 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. 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The views expressed by these independent contractors on currencylive.com do not represent our views.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>The Pakistani Rupee is drifting lower versus the US dollar for a second straight day on Thursday, as weaker risk sentiment hit perceived riskier assets across the board. After opening the session at 154.22 versus the US Dollar, the Rupee (USD\/PKR) weakened on the open market to 154.30 against the greenback. This is at the [&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":[2453,2452,2139,2454,1867,1864],"class_list":{"0":"post-97113","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-pkr","8":"category-usd","9":"tag-bri","10":"tag-china-belt-and-road-initiative","11":"tag-coronavirus","12":"tag-federal-rserve","13":"tag-pakistani-rupee","14":"tag-pkr"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>USD\/PKR: Pakistani Rupee Drops As Coronavirus Slows Chinese Investment Projects - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/102596-usd-pkr-pakistani-rupee-drops-as-coronavirus-slows-chinese-investment-projects\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102596-usd-pkr-pakistani-rupee-drops-as-coronavirus-slows-chinese-investment-projects\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102596-usd-pkr-pakistani-rupee-drops-as-coronavirus-slows-chinese-investment-projects\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"USD\\\/PKR: Pakistani Rupee Drops As Coronavirus Slows Chinese Investment Projects\",\"datePublished\":\"2020-03-05T11:04:42+00:00\",\"dateModified\":\"2020-03-05T14:46:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102596-usd-pkr-pakistani-rupee-drops-as-coronavirus-slows-chinese-investment-projects\\\/\"},\"wordCount\":613,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102596-usd-pkr-pakistani-rupee-drops-as-coronavirus-slows-chinese-investment-projects\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/usd-pkr-bank-notes.jpg\",\"keywords\":[\"BRI\",\"China Belt and Road Initiative\",\"coronavirus\",\"Federal Rserve\",\"Pakistani Rupee\",\"pkr\"],\"articleSection\":[\"PKR\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102596-usd-pkr-pakistani-rupee-drops-as-coronavirus-slows-chinese-investment-projects\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102596-usd-pkr-pakistani-rupee-drops-as-coronavirus-slows-chinese-investment-projects\\\/\",\"name\":\"USD\\\/PKR: Pakistani Rupee Drops As Coronavirus Slows Chinese Investment Projects - 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