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USD / PKR: Imran Khan talks about the rupee

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Pakistani rupee (PKR) strengthens for second consecutive session GDR remittances initiative hits US $ 500 million mark US dollar (USD) falls after focus on unemployment claims from the GDR American Fed

The US dollar Pakistani rupee (USD / PKR) exchange rate extended its losses on Thursday for a second consecutive session. The pair settled -0.03% lower on Wednesday at 159.10. At 10:15 am UTC, USD / PKR is trading -0.1% at 158.95.

Prime Minister Imran Khan said in a speech on Thursday that the Pakistani economy is moving in the right direction despite the huge debt burden it carries.

The Prime Minister stressed the importance of increasing remittances to support the economy, in part thanks to the Roshan Digital Account initiative, which makes it easier for Pakistanis abroad to return money and more safely. He was also convinced that a strong rupee was needed for the economy to grow stronger, as the value of the currency declined, as did investments in the country.

Separately, the State Bank of Pakistan announced that Roshan Digital Accounts (RDA) had reached the goal of $ 500 million for remittances in 5 months.

The US dollar is trading lower in all areas. The US Dollar Index which measures the greenback against 6 major peers is trading at -0.2% at the time of writing.

The dollar is slowing after minutes from the latest FOMC meeting showed the Fed was in no rush to start reducing support. Policymakers believe it will take time to meet the federal government’s goals of higher inflation and a stronger labor market.

The minutes showing the federal government’s stable stance with near zero interest rates came as the bond market forecast inflation to accelerate. However, the Fed considers that any possible spike in inflation will be short-lived.

Data on US jobless claims is due later today. Analysts expect weekly jobless claims to drop slightly to 765,000 from 793,000 the week before. Even so, jobless claims are still high, suggesting that companies are struggling after the covid resurgence.

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