The exchange rate of the US dollar Pakistani rupee (USD / PKR) is trading lower at the beginning of the new week, prolonging last week’s losses. The pair fell -0. 84% last week, final Friday at 164. 71. : 15 UTC, USD / PKR was trading -0. 2% at 164. 25.
According to pakistan’s Bureau of Statistics, inflation in Pakistan, measured through customer costs, jumped to 9% in September compared to the previous year, representing an 8. 2% increase in August. Rising food costs such as tomatoes, wheat and potatoes have raised costs for customers and, as a result, rural inflation is higher than urban inflation.
Despite emerging inflation, the State Bank of Pakistan will think twice before raising interest rates to keep inflation under the country’s anemic expansion. The central bank can wait to see higher levels of more sustainable expansion before a rate hike.
Otherwise, emerging oil costs remain at a cap on rupee profits. Day.
A general smart temperament in the market also stimized that Pakistani rupee is perceived as riskier while attracting flows away from the US dollar’s shelter price. The most optimistic temper comes amid reports that President Trump is fine after being taken to hospital with Covid winning last week. Reports circulate that it can be released as soon as today.
House Speak’s comments added to the optimistic mood. Over the weekend, it generated hope for an upcoming U. S. stimulus package passed through Democrats and Republicans. Nancy Pelosi said the two were moving towards an agreement.