{"id":98307,"date":"2020-04-02T06:02:52","date_gmt":"2020-04-02T10:02:52","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=98307"},"modified":"2020-04-02T07:09:48","modified_gmt":"2020-04-02T11:09:48","slug":"102902-usd-pkr-rupee-drops-as-moodys-lowers-pakistans-gdp-forecast","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102902-usd-pkr-rupee-drops-as-moodys-lowers-pakistans-gdp-forecast\/","title":{"rendered":"USD\/PKR: Rupee Drops As Moody\u2019s Lowers Pakistan\u2019s GDP Forecast"},"content":{"rendered":"

The Pakistan Rupee<\/a> continues its descent versus the US Dollar<\/a> on Thursday as grim predictions and headlines of both the human and economic toll of Covid-19 is keeping investors on edge and risk sentiment weak.<\/p>\n

At 10:30 UTC, USD\/PKR<\/a> is trading at 167.12, just shy of its record weakest level of 168.12 reached last week. Today\u2019s daily range is 165.95 \u2013 167.12 as investors look ahead to US jobless claims.<\/p>\n

Check real time USD to PKR exchange rate<\/span><\/a><\/div>\n

2 -2.5% GDP<\/h2>\n

The Pakistan Rupee is on the back foot, trading close to record lows after global credit rating agency Moody\u2019s lowered Pakistan\u2019s real GDP growth outlook. Moody\u2019s expects economic growth to decelerate to 2 \u2013 2.5% this year, lower than the previously forecast 2.9%. The downward revision reflects the impact that coronavirus is expected to have on the economy.<\/p>\n

Moody\u2019s highlighted the service sector as a sector which will be adversely affected by the movement restrictions in place to slow the spread of coronavirus. The service sector has underpinned economic growth in recent years.<\/p>\n

Moody\u2019s added that the textile sector, which accounts for around 60% of exports has also been affected by supply chain disruptions and declining demand.<\/p>\n

The State Bank of Pakistan cut interest rates to 11% last week. Moody\u2019s believes that the central bank\u2019s actions will help soften the coronavirus blow on the economy.<\/p>\n

3.5 Million Unemployment Claims Forecast<\/h2>\n

The US Dollar is holding steady versus its major peers on Thursday, albeit pushing higher versus the Pakistan Rupee, as investors look ahead to US jobless claims data later today. Just to refresh, last week\u2019s unemployment claims surged to 3.3 million a new record high, eclipsing the previous record high of 695,000 in 1982.<\/p>\n

Today analysts are expecting the number of initial jobless claims to reach another record high of 3.5 million. This would put the total claims across the two weeks at 6.5 million revealing the devastating impact of the coronavirus outbreak on the US labour market and the economy.<\/p>\n

As the number of coronavirus cases in the US escalate and America shuts down state by state, these figures could still get a lot worse. Particularly given that President Trump has said that the US economy will not be open for business again until the end of April.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Pakistan Rupee continues its descent versus the US Dollar on Thursday as grim predictions and headlines of both the human and economic toll of Covid-19 is keeping investors on edge and risk sentiment weak. At 10:30 UTC, USD\/PKR is trading at 167.12, just shy of its record weakest level of 168.12 reached last week. […]<\/p>\n","protected":false},"author":163946597,"featured_media":82321,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1863,1381],"tags":[1409,2555,1812,2597,1864,1397,1398,1866],"class_list":{"0":"post-98307","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-pkr","8":"category-usd","9":"tag-gdp","10":"tag-initial-jobless-claims","11":"tag-moodys","12":"tag-pakistan-rupee","13":"tag-pkr","14":"tag-us-dollar","15":"tag-usd","16":"tag-usd-pkr"},"acf":[],"yoast_head":"\nUSD\/PKR: Rupee Drops As Moody\u2019s Lowers Pakistan\u2019s GDP Forecast - 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\/102902-usd-pkr-rupee-drops-as-moodys-lowers-pakistans-gdp-forecast\/\" \/>\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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102902-usd-pkr-rupee-drops-as-moodys-lowers-pakistans-gdp-forecast\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102902-usd-pkr-rupee-drops-as-moodys-lowers-pakistans-gdp-forecast\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"USD\\\/PKR: Rupee Drops As Moody\u2019s Lowers Pakistan\u2019s GDP Forecast\",\"datePublished\":\"2020-04-02T10:02:52+00:00\",\"dateModified\":\"2020-04-02T11:09:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102902-usd-pkr-rupee-drops-as-moodys-lowers-pakistans-gdp-forecast\\\/\"},\"wordCount\":405,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102902-usd-pkr-rupee-drops-as-moodys-lowers-pakistans-gdp-forecast\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/usd-pkr-exchange-rate.jpg\",\"keywords\":[\"gdp\",\"initial jobless claims\",\"moody's\",\"Pakistan Rupee\",\"pkr\",\"us dollar\",\"usd\",\"usd\\\/pkr\"],\"articleSection\":[\"PKR\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102902-usd-pkr-rupee-drops-as-moodys-lowers-pakistans-gdp-forecast\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102902-usd-pkr-rupee-drops-as-moodys-lowers-pakistans-gdp-forecast\\\/\",\"name\":\"USD\\\/PKR: Rupee Drops As Moody\u2019s Lowers Pakistan\u2019s GDP Forecast - 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