{"id":99243,"date":"2020-04-22T06:12:57","date_gmt":"2020-04-22T10:12:57","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=99243"},"modified":"2020-04-22T06:34:26","modified_gmt":"2020-04-22T10:34:26","slug":"103106-usd-pkr-rupee-hits-3-week-high-following-imf-central-bank-action","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103106-usd-pkr-rupee-hits-3-week-high-following-imf-central-bank-action\/","title":{"rendered":"USD\/PKR: Rupee Hits 3-week High Following IMF &#038; Central Bank Action"},"content":{"rendered":"<p>The Pakistani Rupee continues to strengthen versus the US Dollar, on Wednesday, for the 4<sup>th<\/sup> straight session. The Pakistani Rupee has strengthened from a low of 167.15 last Friday to Tuesday\u2019s close of 161.10.<\/p>\n<p>At 10:15 UTC, USD\/PKR was trading -0.5% lower at 160.35 slightly up from the session low of 159.00, a level last seen in late March.<\/p>\n<h2>Pakistani Rupee Continues To Strengthen<\/h2>\n<p>Demand for the Pakistani Rupee continues to pick up, supported by a series of factors. Firstly the International Monetary Fund\u2019s approval for $1.4 billion in emergency financing under the Rapid Financing Instrument injected a large dose of confidence into the market and perhaps more importantly, paved the way for other inflows from the World Bank and Asian Development Bank to the tune of $2.5 billion.<\/p>\n<p>Additionally, the State Bank of Pakistan has been taking action to cushion the economy from the impact of the coronavirus outbreak. The State Bank of Pakistan cut the interest rate by 2% to 9% last week and also reduced its special cash reserves requirement from 15% to 10% to free up bank\u2019s liquidity. These measures have calmed the market. Analysts even predict another rate cut on the horizon.<\/p>\n<h2>US Dollar Eases After $500 Billion Rescue Package<\/h2>\n<p>The US Dollar is edging lower on Wednesday as investors cheer the announcement of further stimulus in the US. On Tuesday evening, the US Senate agreed an additional $500 billion rescue package for small businesses. This is the second rescue package for small businesses which are being badly affected by the coronavirus lock down.<\/p>\n<p>Millions of small businesses have collapsed or slashed jobs in order to control costs during lock down. As a result, the number of Americans signing up for unemployment benefit surged over the last 4 weeks (until 10<sup>th<\/sup> April) by 21 million. This means that around 13% of the US workforce have lost their jobs. The rescue package aims to encourage these small companies to take employees back on.<\/p>\n<p>There is no high impacting US data due today. Investors will continue monitoring coronvirus statistics and the exit strategies emerging across some states.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Pakistani Rupee continues to strengthen versus the US Dollar, on Wednesday, for the 4th straight session. The Pakistani Rupee has strengthened from a low of 167.15 last Friday to Tuesday\u2019s close of 161.10. At 10:15 UTC, USD\/PKR was trading -0.5% lower at 160.35 slightly up from the session low of 159.00, a level last [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":82252,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1863,1381],"tags":[2139,1669,1867,1864,2533,1397,1398],"class_list":{"0":"post-99243","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-pkr","8":"category-usd","9":"tag-coronavirus","10":"tag-imf","11":"tag-pakistani-rupee","12":"tag-pkr","13":"tag-rescue-package","14":"tag-us-dollar","15":"tag-usd"},"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: Rupee Hits 3-week High Following IMF &amp; Central Bank Action - 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\/103106-usd-pkr-rupee-hits-3-week-high-following-imf-central-bank-action\/\" \/>\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\\\/103106-usd-pkr-rupee-hits-3-week-high-following-imf-central-bank-action\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103106-usd-pkr-rupee-hits-3-week-high-following-imf-central-bank-action\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"USD\\\/PKR: Rupee Hits 3-week High Following IMF &#038; 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