The exchange rate of the US dollar and Pakistani rupee (USD/PKR) rose on Friday, offsetting some losses from the previous session, and the pair stood at -0. 6% higher than 164. 32 on Thursday. At 11:15 a. m. UTC, usd/PKR trades 0. 1% at 164. 46. On the way to the weekend, the pair expect losses of 1% in the week but gains of 0. 5% in the month of September.
The menacing temperament in the market is driving investors away from more dangerous assets and currencies like the Pakistani rupee, which are moving into havens like the US dollar, are on the rise.
The news that President Trump tested positive for COVID-19 led to a sudden sale of the threat, but for now, the president is fine. However, at age 74, he is in a higher threat category. While still fulfilling its quarantined presidential duties, the biggest fear for the market is what they mean for the presidential election.
There is already a cloud of uncertainty about that election, as Trump refused to say whether he would settle for the outcome of the election and after saying that the effects could be delayed. So far, the implications for elections are less clear. Markets hate the uncertainty that caused the trading risk.
While the threat of temperament has dragged Pakistani rupee, the price of booming oil gives some and limits losses. West Texas Intermediate quotes more than 4% due to considerations about the call for perspectives after the U. S. Congress did not settle for (again) the stimulus package
Pakistani exports showed signs of improvement in September after falling in August. Exports rose 6% in September at the same time last year. Exports fell by -15% year-on-year in August.