USD/PKR refers to the US Dollar/ Pakistani rupee currency pair. PKR is the national currency of Pakistan....
In 1947, when Pakistan gained independence from Britain and separated from India, the PKR was introduced. To begin with, it was pegged to the British pound, though in 1982 it transitioned to a managed float policy, enabling the central bank of Pakistan to intervene to keep the price within set parameters. Ever since the 2008 financial crisis, the Pakistani rupee has depreciated against the US dollar. This has been worsened by Pakistan’s sizable current account deficit, crumbling energy infrastructure and its low foreign exchange reserves. Moreover, it has no strong correlations with other currency or commodity markets. Due to the fragility of the Pakistani economy, USD/PKR is an exotic currency pair that is not used for many global transactions and has a low trading volume. However, the PKR has been upgraded to emerging market currency status, due to its growing working population and strengthening economic ties with China. This has borne fruit with CPEC, the China-Pakistan Economic Corridor of oil and gas pipelines, rail, and road infrastructure as well as with the One Belt One Road initiative, focused on economic development and connectivity across Asia, Africa, and Europe.
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While the highs and lows technically of the USD/PKR can certainly deliver trading perspectives, the interpretations of the currency pair’s gyrations can also be debated.
The rate is certainly within the middle ground of its known path over the past month.
This price level is within the middle of the one and three month value realm for the USD/PKR.
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Traders of the USD/PKR need to understand the costs of speculating on a brokers platform is going to have a lot of effect on the potential of the wager being profitable or not.
As of this writing the USD/PKR is near the 278.3250 mark which is slightly above its middle ground technically taking into consideration the past handful of days.
The currency pair has maintained a tight price over the past week, in fact the past month has also produced a choke hold on action in the USD/PKR.
Tuesday’s trading in the USD/PKR produced a low around the 277.9000 ratio briefly.
The USD/PKR has traded lower in the past week and is maintaining value within the midst of a range band that is testing mid-term depths.
The USD/PKR has hit a higher price level in the past handful of days.
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USD/PKR value as of this morning is fractionally higher than yesterday’s apex values
The USD/PKR has been moving at a snail’s pace this week.
As of this morning’s writing the USD/PKR is near the 277.8537 mark per the official Pakistan government listed price.
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The USD/PKR has actually turned in a rather fascinating move lower.
After trading near a value of 278.4860 yesterday the USD/PKR moved to a depth of nearly 278.0000 briefly as the U.S Federal Reserve held its interest rate policy in place.